Canyon, Cypress JV invest in Austin opportunity zone

Canyon Partners Real Estate, with its joint venture with Cypress Real Estate Advisors, has plans for the ground-up development of a 263-unit, mid-rise multifamily community in Austin. Canyon invested $23.9 million of equity in the project, which is located in a qualified opportunity zone, and broke ground in December 2020.

Located in the high-growth East Riverside submarket, the multifamily project will offer new housing near several major employers, including the new Oracle campus and the recently announced Tesla Gigafactory, as well as educational institutions, retail amenities and public parks. The project is central to Downtown Austin, the Austin-Bergstrom International Airport and East Austin, and it is located one block from a planned light rail station connecting future residents to the Austin central business district and airport. The station development is part of an initiative approved by voters to expand Austin’s light rail system to serve its growing population.