Canyon Partners Real Estate has provided $29.9 million of qualified opportunity zone equity under its growing opportunity zone strategy in a joint venture with Fore Property. The equity commitment will finance the ground-up development of a midrise multifamily project in downtown Phoenix.
The seven-story project will include 323 apartment units as well as ground-floor retail and restaurant space. The community will feature a combination of studios, one-bedroom and two-bedroom units, as well as a pool, fitness center and rooftop deck with views of downtown Phoenix.
This investment marks Canyon’s second investment in an opportunity zone — two months after the institutional real estate investor provided $29.4 million to a multifamily project in the Symphony Park district of downtown Las Vegas. During the past five years, Canyon has invested more than $900 million in debt and equity in multifamily investments nationwide, supporting the financing of more than $2.7 billion of project capitalization.
Fore, which has developed, built and managed in excess of 25,000 apartments and is currently completing Centra Apartments in midtown Phoenix, also will serve as the general contractor and the property manager for the project.
“This project represents Fore Property’s fourth multifamily development in the Phoenix MSA within the past four years,” said Jonathan Fore, managing partner. “We are pleased to partner with such a seasoned investor as Canyon to expand our growing presence in this market.”
The project is centrally located in downtown Phoenix, an area that has experienced significant growth in recent years due to a large amount of public and private capital investment in new developments and an expanded residential base. The project is near Phoenix’s CBD and several large educational and research institutions, including Arizona State University’s Downtown campus, Phoenix Biomedical Campus, and the University of Arizona School of Medicine. The project also benefits from access to retail and entertainment amenities, including downtown Phoenix’s restaurants and multiple sporting and theater venues, as well as convenient transit accessibility with a Metro Light Rail station located one block from the site.
