Canyon Capital raises $50 million for multifamily fund

Canyon Capital Realty Advisors has raised $50 million for its Canyon Multifamily Impact Fund, according to a filing with the Securities and Exchange Commission. The fund has a $200 million fundraising goal. A final close date was not disclosed.

Citi Community Capital is a partner with Canyon Capital Reality Advisors for Canyon Multifamily Impact Fund.

The Canyon Multifamily Impact Fund seeks to promote long-term, material, positive impact in underserved communities by investing in rental properties as an active owner. It will target multifamily properties or portfolios located in California, Illinois and Texas, in acquisitions with sales prices between $20 million and $90 million. Canyon Multifamily Impact Fund is positioned to acquire and manage up to $800 million in apartment communities, representing thousands of units, over the next several years. The firms will enhance the properties it acquires through targeted physical upgrades and property management improvements. 

Canyon and its affiliates, including the Canyon‐Johnson Urban Funds and Canyon‐Agassi Charter School Facilities Fund, has completed over $5 billion in transactions involving more than 250 commercial real estate assets with a total value of over $12.6 billion.