Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $8,410,000 to acquire and oversee the development of a prime parcel of land located in Bowmanville, Ontario. Together with its developer partners, Cityzen Development Group and Tercot Communities, the firm intends to develop the land into a residential community consisting of over 140 homes, including single-detached homes, freehold townhomes and urban condominium townhomes.
Bowmanville, located an hour east of Toronto, is the largest community in the Municipality of Clarington. Clarington, which is one of the fastest growing municipalities in Durham Region, has recently experienced an influx of new residents and businesses including Toyota Canada Inc.’s new Eastern Canada Parts Distribution Centre, which is scheduled to open in 2019. The municipality is expected to continue its growth trend with approximately $14 billion worth of infrastructure investments underway, according to the Clarington Board of Trade and Office of Economic Development.
The 16-acre development site, located east of Lambs Road on Concession Street East, affords convenient access to major highways, including the recently completed Highway 407 extension. In addition, the property is located within a 10-minute drive from the site of the future Bowmanville GO Station, which is scheduled to be complete by 2024. Expansion of the GO Transit Lakeshore East Corridor is expected to enhance transit connectivity for future residents and increase economic investment in the region.
“We have expanded our portfolio of investments in Durham Region with the acquisition of this property, which demonstrates the type of attractive residential development opportunities that the town of Bowmanville continues to offer. Bowmanville is an established community that is well-positioned to emerge as a major urban growth area,” states Alex Riajskikh, Executive Director, Private Capital Markets, of Greybrook Realty Partners. “We are thrilled to partner again with Cityzen and Tercot to deliver needed housing to this region, which has attracted significant public and private sector investment over the past several years.”