Canyon Partners JV Invests in Sacramento Multifamily Opportunity Zone Project
Canyon Partners Real Estate LLC, the investing arm of Canyon Partners, an alternative asset manager with more than $26 billion in assets under management, has formed a joint venture with Anthem Properties to develop a mixed-use property in a Sacramento.
Canyon Partners Real Estate LLC, the investing arm of Canyon Partners, an alternative asset manager with more than $26 billion in assets under management, has formed a joint venture with Anthem Properties to develop a mixed-use property in a Sacramento.
Canyon is investing $18.8 million of equity in the development. The 153-unit, mid-rise multifamily project is located in a qualified opportunity zone and will have 10,000 square feet of retail space. The project will commence construction immediately and is slated for completion in the Spring of 2023.
The project is located at the intersection of 11th and J Streets in downtown Sacramento, within walking distance to the California State Capitol, Sacramento City Hall, and Downtown Commons. Project amenities will include a fitness center, courtyard, and a rooftop deck offering views of the Capitol building and surrounding city.
The joint venture also simultaneously closed on a $39.6 million construction loan from HSBC Bank USA.
“Sacramento continues to attract new residents into what’s already one of the healthiest multifamily markets in the country,” says Riaan De Beer, Anthem’s vice-president, development.
This investment marks Canyon’s seventh joint venture investing in qualified opportunity zones and brings Canyon’s real estate portfolio across debt and equity investments to approximately $6.1 billion of project capitalization.
Over the last ten years, Canyon has invested more than $5.5 billion of debt and equity capital across approximately 200 transactions capitalizing $14.6 billion of real estate assets, focusing on debt, value add, and opportunistic strategies.
