Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $14,500,000 to acquire and oversee the development of a parcel of land located in Vaughan, Ontario. Together with its developer partner, Treasure Hill, Greybrook will develop the property into a residential community consisting of 74 single detached estate homes.
The site, located at the northwest corner of Teston Road and Kipling Avenue in the Village of Kleinburg, is situated in a prestigious enclave, surrounded by picturesque woodlands and nestled within the protected Greenbelt Natural Heritage System. Meticulously designed estate homes will be constructed on 60’, 70’ and 90’ lots, that will offer homebuyers superior craftsmanship in an exclusive and sought-after location. Known for its charm and serene setting, Kleinburg is part of the rapidly growing City of Vaughan, currently the fifth largest city in the Greater Toronto Area. The city offers residents easy access to urban conveniences, including the Vaughan Metropolitan Centre (VMC) (the new 442-acre central business district around the intersection of Highway 7 and Jane Street) and the VMC subway station – the northwestern terminus of the Yonge–University TTC subway line, which opened in 2017.
“This is a great development project and investment opportunity for our investors,” said Peter Politis, CEO, Greybrook Realty Partners. “Given the project’s strong interest and the current demand for housing, Greybrook and Treasure Hill made the decision to expedite the sales launch of our McMichael Estates branded project, which resulted in the successful sale of over 50 percent of the homes in the project by early-March 2021. This project demonstrates our ability to source outstanding development sites and our developer partner’s ability to rapidly mobilize and execute on the development plan.”
The portfolio of low-rise development holdings managed by Greybrook Realty Partners includes several development properties that are projected to result in the completion of over 10,500 ground-related homes in the Greater Golden Horseshoe region.
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