Canyon Partners and SKB Invest in Portland Metro Opportunity Zone Multifamily Joint Venture; Secure Loan from Bank OZK
TIGARD, Ore., Aug. 11, 2020 /PRNewswire/ -- Canyon Partners Real Estate LLC ("Canyon"), ScanlanKemperBard Companies ("SKB") and Diamond Investment Group (DIG) today announce their joint venture in the development of The Overland, a 219-unit apartment project in the Portland suburb of Tigard, Oregon. Canyon invested $24.4 million of equity into this project, which is located in a qualified opportunity zone. The joint venture also secured a construction loan from Bank OZK. SKB is the lead project sponsor and developer, spearheading a team including DIG and Greenlight Development. Construction will commence immediately and is scheduled for completion in the summer of 2022.
Located in the Tigard Triangle at the northeast corner of SW Dartmouth Street and SW 72nd Avenue, the project benefits from its close proximity to retail, restaurants, and outdoor activities as well as convenient access to the area's major employment hubs, including downtown Portland, the Oregon Health & Science University, Beaverton, and Hillsboro.
"We're extremely excited to partner with Canyon, DIG and Greenlight, and break ground on SKB's first Opportunity Zone development," said SKB's Senior Vice President of Acquisition and Development, John Olivier. "We greatly appreciate the City of Tigard's leadership and assistance in making the Tigard Triangle's latest development a reality."
"The Overland project is a huge stepping stone 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."
The Overland will feature 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.
Over the last five years, Canyon has invested over $900 million in debt and equity in multifamily investments nationwide, supporting the financing of approximately $3 billion of project capitalization. This investment marks Canyon's fifth joint venture equity investment into opportunity zones since the regulations were enacted.
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 $24 billion in assets under management. Over the last ten 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. With over 28 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 ScanlanKemperBard Companies
SKB is an established real estate developer and operator based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.58 billion, comprised of 30.2 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of its markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. Visit SKB online at www.skbcos.com to learn more.
About Diamond Investment Group
Diamond Investment Group is involved in development, investment, and management of commercial real estate in the Northwest and is headquartered in Portland, Oregon. The DIG members have been involved in over $150 million of investments and developments in Oregon and Washington. The Overland will be DIG's 3rd opportunity zone investment as DIG continues to invest and develop in the Portland Metro area. DIG members have partnered with investment funds, developers and high-net-worth individuals to acquire, develop, and reposition almost all product types, including land, residential, mixed-use, commercial and office.
MEDIA CONTACTS:
Kris Cole
Prosek Partners
(310) 652 1411
[email protected]
John Olivier
ScanlanKemperBard Companies
(503) 894-3637
[email protected]
SOURCE Canyon Partners LLC
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