Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $15,920,000 to acquire and oversee the development of two prime parcels of land located in Courtice, Ontario. Together with its developer partner, Tribute Communities, the firm will develop the lands into a residential community consisting of over 230 single-detached homes and freehold townhomes.
A growing residential community located 75 kilometres east of Toronto, Courtice is ten minutes from the City of Oshawa, and is part of the municipality of Clarington within the region of Durham. Home to a population of over 93,000, Clarington is a growing region known for its four urban communities, fourteen hamlets, and wide-open rural areas. Demand for housing across Durham region has continued to show signs of strength. According to a recent Toronto Real Estate Board report, prices of detached singles increased by 33% and townhomes increased by 39% from May 2016 to May 2017 as the region continued to attract new families.
This development will bring to market a collection of single-detached homes on 40 foot lots and townhomes on 20 foot lots across two development sites in Courtice at 2212 Trulls Road and 2350 Courtice Road. The sites are adjacent to existing properties owned by Tribute Communities and part of the developer’s larger expansion plans for the area. Both sites provide convenient access to Highway 401, and the future Highway 407 extension expected to complete in 2020. Additionally, Metrolinx has plans to build a GO Train station south of Highway 401 in Courtice by 2024, which will provide daily train service to downtown Toronto.
“We are excited to provide our investors with another strong investment opportunity in the Region of Durham, a municipality which continues to display strong growth potential and absorption rates,” states Alex Riajskikh, Director of Private Capital Markets, Greybrook Realty Partners. “This is our fifth development in the Region and eighth development partnership with Tribute Communities, an exceptional developer actively working to provide the community of Courtice with much-needed housing supply.”
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