Greybrook Realty Partners Secures US$44,850,000 for a Multi-Family Residential Development Project With PMG in Denver, Colorado

Development expands Greybrook's Society Living portfolio of U.S. multifamily assets and becomes the latest investment with developer PMG.

TORONTO, July 19, 2021 /CNW/ - Greybrook Realty Partners Inc. announced today that its managed issuer has secured US$44,850,000 in committed equity capital to acquire and oversee the development of a prime parcel of land in Denver, Colorado. Together with its developer partner, PMG, the firm intends to develop the land located at 123 E Speer Boulevard into a mixed-use multi-family residential building. Part of Society Living, a national platform of thoughtfully designed social communities, the development is expected to yield approximately 400 rental units and more than 10,500 square feet of retail.

Society Denver is the most recent addition to Greybrook and PMG's growing national platform of social living and co-living multi-family rental developments in the United States. Located at the intersection of Speer Boulevard and Lincoln Street, the site occupies a prime location on the southern border of the Golden Triangle Creative District and Capitol Hill neighbourhoods, offering unobstructed views of the Rocky Mountains to the west. The site is also within a short distance to the Central Business District and Lower Downtown areas. Situated within a thriving urban hub, the development site offers convenient access to many nearby area amenities and outdoor activities, including the Cherry Creek Trail (located across the street from the site), and is within walking distance of Governor's Park. In addition to an exceptional location, the twelve-storey multi-family development is expected to offer Denver's expanding "metro renter" population the opportunity to access attainably priced housing options, extensive social amenities, and a tech-enabled lifestyle.

"We are confident that our latest offering in Denver will provide an attractive rental housing option in this market, stated Sami Mouaket, Director of U.S. Investments & Development, Greybrook Realty Partners. "Our unique rental options, coupled with premium amenities and curated social programming, not only offer an appealing value proposition to residents, but also highlight our ability to identify premier urban locations that would greatly benefit from the features and advantages that the Society Living platform offers. Denver is a perfect home for a Society Living community, with a rapidly growing population and strong and resilient job market, the development will be a welcome and desirable addition to the city." 

Greybrook and PMG's other Society Living communities include Society Las Olas in Downtown Fort Lauderdale, Florida, Society Biscayne in Downtown Miami and Society Wynwood in Miami's Wynwood Arts District.

About Greybrook Realty Partners Inc.

Greybrook Realty Partners is a leading Toronto-based real estate private equity firm focused on investments in residential development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners, through its affiliates, has invested over C$1.4 billion of equity in more than 85 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 44 million square feet of residential and commercial density, with an estimated completion value of C$20 billion.

Forward-Looking Information

This news release contains forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. Greybrook is under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.

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SOURCE Greybrook Realty

Greybrook Realty Partners Inc., Sarah Mansour, Executive Director, Strategy & Corporate Development, [email protected]