Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $8,845,000 to acquire and oversee the development of a prime parcel of land located in Kitchener, Ontario. Together with its developer partners, Cityzen Development Group and Tercot Communities, the firm intends to develop the land into a low-rise residential community consisting of 250 homes, which include single-detached homes, freehold townhomes and condominium townhomes.
The 22-acre development site is located at 2219 Ottawa Street South, approximately 110 kilometres West of Toronto, in the City of Kitchener, the fourth largest population centre in Ontario. The Kitchener-Waterloo region is home to a number of acclaimed postsecondary institutions, a globally recognized technology sector that has spawned hundreds of startups, and has attracted major multinational firms, including Google. In the coming years, the region is expected to benefit from Metrolinx’s expanded GO Transit services to Kitchener as part of its GO Regional Express Rail program. The expanded service is expected to provide commuters with two-way all-day rapid transit service and multiple transit stops along the Kitchener GO Transit line.
“The Kitchener-Waterloo region, often referred to as Silicon Valley North, is a rapidly growing technology and innovation hub,” said Alex Riajskikh, Executive Director, Greybrook Realty Partners. “Investments are being made in technology and other sectors that will attract both talent and businesses, and ultimately, are expected to increase the demand for housing in the region. We are excited to be investing in this thriving region and look forward to working with our partners to develop this residential community.”
The portfolio of low-rise development holdings managed by Greybrook Realty Partners are projected to collectively result in the completion of over 10,000 ground-related homes in Southern Ontario.