Canyon makes second investment in an opportunity zone

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 billi