Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $48,300,000 to acquire and oversee the development of a prime parcel of land located in Richmond Hill, Ontario. Together with its developer partner, Marlin Spring, the firm will develop the land into a residential community consisting of over 420 freehold townhomes.
Situated 20 kilometers north of Toronto between Markham and Vaughan, the Town of Richmond Hill is a thriving economic hotspot and home to one of Canada’s most highly educated workforces. Richmond Hill has emerged as an urban growth centre through the town’s Economic Development Strategy which has focused on the development of high-value investments, high-density employment centres and regional and provincial transit infrastructure.
The development site, located at 1521 19th Avenue, backs onto a natural heritage area in a rural neighbourhood, providing future residents with a scenic natural environment to call home. Richmond Hill also has convenient access to Highway 404 and the nearby Gormley GO Transit station. “Richmond Hill has seen the price of townhomes double over the past five years, exceeding the average price increase of townhomes in the Greater Toronto Area over the same time period, highlighting the strong demand for this product type in the region,” states Sasha Cucuz, CEO, Greybrook Securities Inc. “We are very pleased to have made several investments in York Region, and this development is a great addition to our portfolio—one that we are confident will be a great asset for our investors.”
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