Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $23,575,000 to acquire and oversee the development of a prime parcel of land located in Markham, Ontario. Together with its developer partner, Treasure Hill, the firm will develop the land into a residential community consisting of 150 townhomes.
Situated in the highly-coveted Wismer Commons neighbourhood of Markham, the 9.3-acre development site is draft plan approved, with sales expected to commence this year. “We expect that the advanced state of approvals and swift project timeline will allow us to provide urgently-needed low-rise housing product to fulfill current market demands,” stated Jared Berlin, Director of Asset Management, Greybrook Realty Partners. “This development is a great opportunity for our investors to acquire a relatively short-term investment in a rapidly growing city and region.”
Located 30 kilometers northeast of downtown Toronto, the City of Markham is a Canadian high-tech centre and the 16th largest municipality in the country, according to the city’s Department of Culture and Economic Development. Demand for housing in the city continues to drive up pricing. According to the Toronto Real Estate Board, home prices in the City of Markham increased 28% year-over-year between May 2016 and May 2017. “As Markham’s quality of life, convenient access to exceptional urban amenities, recreational and cultural attractions, and premier post-secondary education and healthcare services continue to attract residents, we will continue to explore investment opportunities in this diverse region,” noted Berlin.