Greybrook Realty Partners Inc. announced today the successful close of an equity investment by its managed issuer of $40,165,000 CAD to acquire and oversee the development of a prime parcel of land located in Fort Lauderdale, Florida. The Property is jointly owned with US developer Property Markets Group (PMG) and is expected to be developed into two multi-residential rental towers consisting of approximately 1,100 luxury units and 37,500 square feet of retail.
Centrally located between Miami and Palm Beach, Fort Lauderdale is one of the largest cities in Florida. The city offers world-class education, easy access to domestic and international markets, a business-friendly government and attractive quality of life. With a number of large corporations relocating to the area in recent years, Fort Lauderdale has quietly transformed beyond tourism and established itself as a major employment destination and growing urban centre.
Situated on the Las Olas Riverfront in the heart of downtown Fort Lauderdale, the development site is ideally positioned between the city’s art, entertainment and central business districts. The site’s premium location will offer future residents convenient access to first-class entertainment and cultural amenities, millions of square feet of office and retail space, and an increasing number of transportation options as major infrastructure projects such as All Aboard Florida and The Wave Streetcar reach completion. In addition to accessibility, the project’s amenity-rich offerings, cutting edge technology and attractive unit mix will appeal directly to the tailored lifestyle preferences and requirements of the area’s growing young professionals.
“This transaction presents a rare investment opportunity to own an in-demand, core asset in a growing market like Fort Lauderdale. With robust job creation, and decreasing demand for home ownership, the result has been an increase in rental demand, making Fort Lauderdale an attractive location for investment in multifamily developments,” stated Peter Politis, CEO of Greybrook Realty Partners.
“This project not only increases our investment holdings in the South Florida region, but also increases our exposure in the multifamily rental asset class, which is in line with our current investment strategy. With PMG’s expertise and track record of success, we are confident this project will not only fulfil a real demand in the rental segment but will redefine rental living in the area. From unit size and layouts that are more favorable to the needs of renters to carefully curated amenities and services, this thoughtfully designed project is set to become Fort Lauderdale’s most coveted residence for millennials,” commented Mr. Politis. This development represents Greybrook Realty Partners’ second partnership with PMG.
We’re excited to share the highlights from Inside Track 2024, our annual investor event that offers industry-leading insights and engaging discussions on the future of real estate and the broader economy. This year, attendees had the opportunity to hear from…
Greybrook and our partners PMG, are pleased to announce that pre-leasing has commenced for Society Atlanta. Located at 811 Peachtree St. NE, Society Atlanta is a 31-story tower featuring 460 rental apartments, over 87,000 square feet of office space and…
We recently had the opportunity to fly over our Archetto Towns project in Woodbridge, offering a new perspective of our 91 townhomes low-rise community. Standing out against the eye-catching backdrop of vibrant fall foliage, this exclusive collection of contemporary townhomes,…
We are thrilled to announce that our Artistry Condos high-rise development in Toronto’s vibrant Grange Park community has reached a significant milestone with the successful topping-off of the building. This achievement marks the completion of the structural formwork at its…
We are proud to share that Linx Condos was recently nominated for the prestigious Heritage Toronto Awards in the Built Heritage category. This year’s 49th Annual Heritage Toronto Awards celebrated exceptional contributions to the preservation and evolution of the city’s…
In the latest episode of the Toronto Under Construction podcast, CEO Sasha Cucuz joins Bullpen Consulting’s Ben Myers and guest co-host Matt Young for an in-depth discussion on real estate investment. The conversation offers insights into Greybrook’s evolution, highlighting its strategic…
On October 20th, 2024, the Ontario government’s Provincial Planning Statement, 2024 (PPS 2024) came into effect, aiming to streamline the province’s land use planning framework. This new policy replaces both the Provincial Policy Statement, 2020, and A Places to Grow:…
The evening featured the prominent Benjamin Tal, Deputy Chief Economist and Managing Director of CIBC World Markets, who delivered his expert analysis of macroeconomic data and real estate trends in the Canadian market. Following his keynote, attendees enjoyed an engaging…
In a recent episode of The Tom Storey Show, CEO Sasha Cucuz joined co-hosts Tom Storey and Steve Karrasch to discuss the financialization of Canadian housing—an interesting topic in today’s real estate landscape. This episode delves into how the increasing…
Characterized by record-low sales activity and stagnant prices, there’s been no shortage of unknowns and questions surrounding the Canadian real estate market this year. Will the Bank of Canada’s recent rate cuts, and potential for more, encourage homebuyers to re-enter…
