Canyon Partners Real Estate has announced that it will be entering into a joint venture (JV) with Anthem Properties to develop a mid-rise multi-family project in Sacramento, California.
The project lies in a qualified opportunity zone, with scope for 10,000 sq ft of retail space, and centrally located in downtown Sacramento, within easy reach of Sacramento City Hall, California State Capitol, Downtown Commons, and Cathedral Square Station. Amenities such as fitness centre, rooftop deck and courtyard are also part of the project.
Canyon’s equity investment in this development is $18.8m. HSBC Bank, USA has funded the joint venture by providing a construction loan of $39.6m.
Established in 1991, this is Canyon’s seventh JV in qualified opportunity zones.
Beginning construction immediately, the project is expected to be completed in the Spring of 2023.
Anthem vice-president, development Riaan De Beer said: “Sacramento continues to attract new residents into what's already one of the healthiest multifamily markets in the country. 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.”
Founded in 1991, Anthem is a real estate investment, development and management company, which has developed over 60 communities across British Columbia, Alberta and California.
The project lies in a qualified opportunity zone, with scope for 10,000 sq ft of retail space, and centrally located in downtown Sacramento. Credit: Brett Jordan/Unsplash.