NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Greybrook Realty Partners Inc. announced today the successful closing of an initial equity investment by its managed issuer of CDN$40,484,720. On the scheduled closing date, the investment proceeds will be used to fund the acquisition and development of a prime parcel of land located in Miami Florida. Together with its developer partner, Property Markets Group (PMG), the firm will develop the land into a mixed-use multifamily residence consisting of over 690 units and 20,000 square feet of commercial space at grade.
The property is located within Miami’s rapidly growing Downtown Miami neighbourhood at 400 Biscayne Boulevard. The planned development will feature unobstructed waterfront views of Biscayne Bay, Miami Beach, South Beach and the Atlantic Ocean. The development site, which is adjacent to Bayside Marketplace, Bayfront Park and American Airlines Arena, will provide future tenants with convenient access to public transit, including the Brightline intercity rail system and everything Downtown Miami has to offer. The future site of one of the largest private master-planned projects in the United States, the Miami Worldcenter, is located one block northwest of the development. The Miami Worldcenter is expected to bring over one million square feet of luxury retail, dining and entertainment to the area once it is completed. Greybrook and PMG are also currently developing a nearby property, located at 300 Biscayne Boulevard, into an ultra-luxury residential condominium.
“We are thrilled to partner once again with PMG on our third investment offering in the South Florida market,” states Peter Politis, CEO of Greybrook Realty Partners. “The region is experiencing a shortage of high-quality rental inventory as supply is unable to meet the growing demand for rental accommodation. We believe that 400 Biscayne will provide an attractive rental offering featuring luxury amenities and efficient floorplans that are well-suited to millennials and students of the nearby Miami Dade College (which does not provide housing facilities for local or international students due to lack of available land nearby).”
The development will provide residents with an array of premium amenities, including: smart home features (keyless entry and audio, video and thermostat control via a mobile app); a large co-working space with integrated library and business centre; a fully-equipped fitness centre featuring a pool, a spa and a yoga studio; on-site bars; restaurants; retail shopping; and seamless wi-fi access throughout the building.
Listen to this article: It is difficult to find a market conversation today that does not eventually lead back to interest rates. For Canadian advisors, there are particularly good reasons to be paying attention. U.S. Treasury yields have moved materially…
Last season, Greybrook became the first-ever lead sponsor of York Lions Men’s Hockey. This year, extending that support to the women’s program was a natural next step and reflects something we believe deeply: sport shapes future leaders. It is an…
Greybrook team members rode in support of the 7th Annual Velo Blu Charity Bike Ride in Niagara-on-the-Lake, helping raise $270,000 to advance research into rare childhood diseases and gene therapy through the Blu Genes Foundation. Held at the scenic Peller…
On Sunday, September 20, Greybrook joined runners, walkers, volunteers and community supporters at the 17th Annual Constantine Yorkville Run, coming together to raise funds for charities making a difference across Toronto. As a Presenting Partner, Greybrook was proud to once…
Members of Greybrook’s Institutional Capital Markets team recently attended and sponsored Future Proof Festival, the world’s largest four-day wealth management festival, held in Huntington Beach, California. As part of its sponsorship, Greybrook supported the QWealth Canadian Lounge, a dedicated gathering…
Lindsay Heights, our low-rise, master-planned community in the City of Kawartha Lakes, is set to welcome one of its most anticipated neighbourhood retail additions with the opening of a Walmart Supercentre. Located at the northwest corner of Lindsay, at Highway…
This advancement marks a significant milestone for Florida’s first supertall Downtown Miami residence, a signature hallmark of the renowned Waldorf Astoria brand, offering a collection of 205 luxury hotel guestrooms, dedicated five-star service and once-in-a-lifetime experiences. Construction of the staggered…
Listen to this article: The best time to buy durable assets is rarely the moment they feel comfortable to buy. In multifamily, rent growth tells you where a market is today, but the conditions that signal where it is heading…
Dallas-Fort Worth has been one of the most closely watched multifamily markets in the United States over the past several years. Long-term population and employment growth, rapid corporate relocations, relative affordability and a deep, diversified economy have helped draw a…
The launch of the Greybrook U.S. Multifamily Income & Growth Fund reflects our continued evolution as a North American real estate investment platform — expanding into institutional-quality, income-producing U.S. multifamily assets and giving investors access to a strategy built around…
