Canyon Partners Real Estate LLC, the investing arm of Canyon Partners, an alternative asset manager with more than $24 billion in assets under management, has formed a joint venture with ScanlanKemperBard Companies and Diamond Investment Group to develop The Overland, a 219-unit multifamily project in the Portland suburb of Tigard, Oregon.
The Overland will include 219 apartments consisting of a mix of studio, one-, two-, and three-bedroom units, in addition to ground floor retail space. Community amenities will include an outdoor courtyard, fitness center, and secure parking.
The project is within close proximity to retail, restaurants, and outdoor activities as well as to the area’s major employment hubs, including downtown Portland, the Oregon Health & Science University, Beaverton, and Hillsboro.
“The Overland project is a huge steppingstone for the Tigard Triangle. The neighborhood is currently undergoing the development of hundreds of affordable homes, and The Overland will enhance income diversity and new street level retail activity in the area,” said the City of Tigard community development director, Kenny Asher. “This project is a significant contribution in making the neighborhood walkable and inclusive.”
Canyon invested $24.4 million of equity into the project, which is located in a qualified opportunity zone, and the joint venture also secured a construction loan from Bank OZK. Construction is scheduled for completion in the summer of 2022.
This is Canyon’s fifth joint venture equity investment into opportunity zones since the regulations were enacted.
Over the last 10 years, Canyon has invested approximately $5.6 billion of debt and equity capital across 197 transactions capitalizing approximately $14.6 billion of real estate assets, focusing on debt, value add, and opportunistic strategies.
ScanlanKemperBard Companies is a real estate developer and operator based in Portland, Oregon. Diamond Investment Group is involved in development, investment, and management of commercial real estate in the Northwest and is headquartered in Portland.