Greybrook Realty Partners Inc. is pleased to announce the sale of 215 Lake Shore Boulevard East, one of its prime real estate development assets, for CAD $166,050,000 to Greenland Group (Canada). Greenland Group is a Chinese state-owned real estate developer with over USD $58 billion in assets and developments in major markets around the world. The waterfront property was acquired in mid-2014 for a total purchase price of CAD $60 million by Greybrook Waterfront Limited Partnership, Castlepoint Development Group and Cityzen Development Group.
The transaction closed on October 13, 2016 and represents one of the largest sales, measured in total dollars, of a residential condominium development site in Toronto’s history. Upon the closing of the transaction, Greybrook investors realized a net annualized return of 38.8% and a total return on investment of 87.4% in just over two years.
“We are thrilled that we were able to structure and execute a transaction that was a win for all parties involved. As asset managers, our responsibility to investors is not only to generate the highest possible returns, but also to carefully manage the risk and the overall tradeoff between the two. This project is a great example of Greybrook’s active management and our commitment to evaluating opportunities that arise throughout the course of a development’s lifecycle as markets evolve,” said Peter Politis, CEO of Greybrook Realty Partners
The Toronto waterfront has seen considerable change over the past two decades due to major investments made by both the public and private sectors. The revitalization of Toronto’s waterfront led by Waterfront Toronto is the largest urban redevelopment project currently underway in North America, and is expected to create approximately 40,000 new residential units and 40,000 new jobs by the time the project is complete.
The original development plan for the Site called for the construction of a one-of-a-kind iconic structure that would have brought to market over 2,000 residential units with unobstructed lakefront views and panoramic views of the city skyline just minutes away from Toronto’s downtown core.
“This is an attractive property for a major global developer like Greenland Group who was seeking a development opportunity of a specific size and scale to build a landmark project in Toronto. We look forward to seeing this property come to life over the coming years in this vibrant waterfront community, and we’re confident it will be a financial success for the new owners,” said Mr. Politis.
In a recent episode of The Tom Storey Show, CEO Sasha Cucuz joined hosts Steve Karrasch and Tom Storey, to discuss the financialization of Canadian housing—an interesting topic in today’s real estate landscape. This episode delves into how the increasing…
The 5th Annual Velo Blu Pedal for Blu Genes charity ride took place on September 13th, attracting over 140 enthusiastic participants. This year’s event not only boasted an impressive turnout but also welcomed new sponsors, collectively raising more than $400,000…
The 15th Annual Constantine Yorkville Run kicked off on September 8th, raising over $561,304 for 30 Toronto charities and counting! This year’s event offered both an in-person 5K run/walk and a virtual option, allowing everyone to participate and be part…
In our latest episode of Boardroom Brief, we delve into a topic that’s recently been making waves in the news: Canada’s immigration policy. Known for its historically open immigration policies, Canada has consistently maintained some of the highest foreign-born population…
We are excited to announce that our House of Assembly high-rise development in Toronto’s west end has achieved a significant milestone with the completion of the building’s topping-off. This signifies the final stage of vertical construction for the 16-storey high-rise,…
Sales are slated to launch soon for Brooklin Vue, our development project in partnership with Treasure Hill. The upcoming new community in the historic village of Brooklin, Ontario, offers an exclusive collection of two and three-storey modern townhomes designed to…
Introducing Boardroom Brief, a series where we dive headfirst into the real estate landscape, demystifying current headlines and featuring in-depth discussions and expert insights from Greybrook. Gain an inside look at the thoughtful discussions occurring in our boardroom on relevant…
Greybrook¹ announced today the acquisition of two garden-style apartment communities consisting of 456 units situated in the Metro Atlanta area, south of Atlanta, Georgia for the purchase price of US$57,200,000. Greybrook will manage the implementation of a property enhancement program,…
Following the completion of preliminary site work, home construction has commenced at Eversley Estates, our low-rise King City community developed in partnership with Treasure Hill. Comprised of 105 luxury estate-style homes, this picturesque enclave will redefine rural elegance with classically…
It is with heavy hearts that the Executive Team at Greybrook announces the passing of our cherished founder, Elias Vamvakas, today, after a courageous battle with pancreatic cancer. Elias was 65 years old. Elias Vamvakas was a visionary leader…
