SACRAMENTO, Calif., March 11, 2021 /PRNewswire/ -- Canyon Partners Real Estate LLC ("Canyon") today announced its joint venture with Anthem Properties ("Anthem") for the ground-up development of a 153-unit, mid-rise multifamily project with 10,000 sf of retail space located in Sacramento, California. Canyon is investing $18.8 million of equity in this development, which is located in a qualified opportunity zone. The project will commence construction immediately and is expected to achieve completion in the Spring of 2023. The joint venture also simultaneously closed on a $39.6 million construction loan from HSBC Bank, USA, N.A.
The project is centrally located at the intersection of 11th and J Streets in downtown Sacramento, within easy walking distance to the California State Capitol, Sacramento City Hall, and Downtown Commons. The transit-oriented development is also conveniently located near Cathedral Square Station on SacRT's Blue Line, providing access to the greater Sacramento area. Project amenities will include a fitness center, courtyard, and a rooftop deck offering views of the Capitol building and surrounding city.
"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. "Our new project in partnership with Canyon goes a long way towards satisfying the need for community-oriented developments that will make a lasting positive impact on the area."
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.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $26 billion in assets under management. 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. With 29 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com
About Anthem Properties
Founded in 1991, Anthem is a team of 400 people driven by creativity, passion and direct communication. Anthem and Anthem United have invested in, developed or managed – alone or in partnership – more than 270 residential, commercial and retail projects across western North America.
Our growing residential portfolio includes 15,000 homes that are complete, in design or under construction, from master planned mixed use residential and multifamily, to townhome and single family communities.
We own, co-own, manage or have previously owned over 8 million square feet of retail, industrial, residential rental and office space across western North America. We have developed more than 60 communities across 6,100 acres of land in Alberta, British Columbia and California.
Anthem is a real estate development, investment and management company that strives, solves and evolves to create better spaces and stronger communities. We are Growing Places.