What Graywood Developments does

Graywood Developments is a Toronto-based private real estate development firm founded in 1985 that focuses on multi-storey residential rental and build-to-rent projects in the Greater Toronto Area. The company's active pipeline is concentrated in two purpose-built rental towers: a 53-storey, 591-unit community at 241 Church Street in downtown Toronto executed in joint venture with Hankyu Hanshin Properties (construction began in 2024, expected completion in Q1 2028), and a 55-storey, 617-unit building at 3201 Highway 7 in Vaughan executed in joint venture with Phantom Developments (groundbreaking announced November 2025).

Graywood's operating model relies on co-development capital from strategic partners rather than standalone balance sheet execution, with the Hankyu Hanshin relationship representing the company's primary international capital channel and repeat platform for Canadian build-to-rent delivery. End-customer exposure is to rental housing seekers in transit-oriented GTA sub-markets, with no public pricing disclosed and revenue not reported in the available data. The firm employs 51-100 people and is led by founder Garnet Watchorn, co-founder Moshe Tamari, and president & CEO Stephen Price.

There is no disclosed technology platform, AI/ML capability, app, or proprietary software product; the company's assets are physical development projects, JV equity interests, and locational/site control advantages aligned with municipal intensification plans. No acquisitions, funding rounds, leadership changes, or restructuring events beyond the documented JV formations are present in the source data.

Name

Graywood Developments

Website

https://graywoodgroup.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

51–100 employees

Short description

Graywood Developments is a Toronto-based private real estate developer founded in 1985 that delivers multi-storey build-to-rent residential towers in the Greater Toronto Area via joint ventures with partners including Hankyu Hanshin Properties and Phantom Developments.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), Land Subdivision (23721)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB)

Keywords

• Real estate development
• Residential rentals
• Build-to-rent housing
• High-rise construction
• Joint venture development

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Marketing or Sales

Core offering

Graywood Developments is a real estate investment management and development company that develops multi-storey residential rental buildings through joint venture partnerships in the Greater Toronto Area. Its portfolio includes build-to-rent high-rise communities, such as a 55-storey rental building at 3201 Highway 7 in Vaughan (617 units) developed with Phantom Developments and a 53-storey build-to-rent community at 241 Church Street in downtown Toronto (591 units) developed with Hankyu Hanshin Properties. The company focuses on transit-oriented urban developments serving the Greater Toronto Area rental market.

Product overview

Graywood Developments is a real estate development company that specializes in residential rental building projects. The company develops multi-storey residential buildings through joint ventures with partners such as Phantom Developments and Hankyu Hanshin Properties. Their portfolio includes build-to-rent communities in the Greater Toronto Area, such as the 55-storey rental building at 3201 Highway 7 in Vaughan (617 units) and the 53-storey build-to-rent community at 241 Church Street in downtown Toronto (591 units).

Differentiator

Problem solved

Functional benefit

Products and services

• 3201 Highway 7 Vaughan Rental Building
• 241 Church Street Build-to-Rent Community

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and flagship.

• Phantom DevelopmentscoreStrategic or Co-development Partner · 24 November 2025Joint venture with Phantom Developments for a 55-storey rental building at 3201 Highway 7 in Vaughan. The project includes 617 residential units and is part of Vaughan's broader urban development plan aimed at creating a transit-oriented downtown with a diverse mix of housing, commercial, and recreational areas.
• Hankyu Hanshin PropertiesflagshipStrategic or Co-development Partner · 1 January 2024Second joint venture project with Hankyu Hanshin Properties, a 53-storey build-to-rent community at 241 Church Street in downtown Toronto. Construction started in 2024 with expected completion in Q1-2028. The partnership builds on previous successful collaborations and emphasizes long-term growth in Canada's rental housing sector. The project includes 591 residential units and amenities targeting Toronto's rental market expansion.

Scale indicators2 records

Recent moves3 records

Expansion highlights3 records

Direct peers

• Menkes Developments: Toronto-based private developer active in high-rise residential across the GTA, including rental and condominium product. Closely comparable to Graywood in geography, scale, and product focus.
• Concert Properties: Canadian developer and owner of purpose-built rental and condominium residential. Comparable to Graywood in build-to-rent development thesis, though more concentrated in Western Canada.
• Hazelview Investments: Toronto-based global investment manager focused on residential rental housing. Comparable to Graywood in multifamily investment thesis and Canadian footprint.
• The Daniels Corporation: Long-established GTA residential developer building high-rise and mid-rise communities. Comparable to Graywood in market, product mix, and developer-operating model.
• Tribute Communities: GTA-focused residential developer active in high-rise and mid-rise product. Comparable to Graywood in geography and product type.
• Dream Unlimited Corp. Canadian diversified real estate company with a substantial purpose-built rental development platform. Comparable to Graywood in build-to-rent strategy and GTA exposure, with broader asset class diversification.

Regional players

• RioCan REIT: Canadian REIT increasingly expanding into residential rental and mixed-use developments, including GTA projects. Comparable in residential build-to-rent pivot, though anchored in retail real estate.

Broad incumbents

• Boardwalk REIT: Largest Canadian multifamily REIT, owning and operating tens of thousands of rental units. Comparable as a major GTA multifamily owner/operator, but operates at much larger scale than Graywood.
• Morguard Corporation: Canadian REIT and real estate operator with multifamily residential exposure. Comparable to Graywood in multifamily ownership, though broader and more diversified.
• CAPREIT: One of Canada's largest residential landlords with a national apartment portfolio. Comparable in multifamily rental exposure, though far larger and primarily an operator rather than developer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/graywooddevelopments
• LinkedInlinkedin.com/company/graywood

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Graywood Developments