Graywood Developments LP has added another high-rise development site to its pipeline with the acquisition of an interest in 29-39 Pleasant Blvd. The property southeast of Toronto’s Yonge Street and St. Clair Avenue intersection is slated for a 35-storey condo tower in partnership with a KingSett Capital fund.
The closing was completed through Graywood’s ninth private real estate development fund, Graywood Fund IX Limited Partnership, in partnership with KingSett’s recently launched development fund, KingSett Residential Development Fund LP No. 1.
“We are excited to add another top-tier site to our fund in the coveted Yonge and St. Clair node, while entering into a new partnership with KingSett Capital,” said Graywood president and CEO Stephen Price in Wednesday’s announcement.
“Graywood has a long history of building and maintaining strong partnerships within the industry and is looking forward to our latest partnership with KingSett, an established leader in the real estate private equity space.”
Approvals process for 35-storey tower
The midtown Toronto site is a transit-oriented property which is proposed for a 281-unit tower containing about 220,000 square feet of space.
The partners have been working through the approvals process for the Giannone Petricone Associates-designed building.
“We are delighted to be partnering with Graywood on this new residential project, which we expect will be an exciting addition to the Yonge and St. Clair midtown neighbourhood,” said Rob Kumer, KingSett’s president and CIO, in the statement.
“On behalf of our KingSett Residential Development Fund LP No. 1, we are looking forward to working alongside our new partner, Graywood, in bringing this development to life.”
The acquisition of 29-39 Pleasant follows three previous investments made by Fund IX, with approximately 2,500 residential units and over $1.8 billion of development value.
Fund IX had its final closing in November 2021 with commitments of $148 million from Canadian financial institutions, pension plans, family offices and high-net-worth individuals according to Graywood.
About Graywood and KingSett
Graywood has 15 active projects across the region which comprise 6,400 residential units and $4.8 billion in development value. During its 37-year history, the Toronto-based firm has managed 54 projects, representing $8.8 billion in development value and 31,400 units (see Editor’s Note below).
The private real estate management company specializes in the development of residential mixed-use projects.
Graywood’s expertise includes identifying potential development sites, deal structuring and development management including land use approvals, project design, sales and marketing, construction management and project financing.
KingSett Capital is a Canadian private equity real estate investment business which creates and co-invests in real estate.
Founded in 2002, KingSett has raised $13.4 billion of equity for its growth, income, urban, mortgage and affordable housing strategies. KingSett has $17 billion of assets under management in a portfolio of $19 billion.
EDITOR’S NOTE: Erroneous information about the ownership of several Toronto developments, which was originally included in the article, has been removed. The only development site sold to Graywood in this transaction is the 29-39 Pleasant Blvd. property. RENX regrets and apologizes for the error.