Canyon Partners Real Estate has provided $29.4 million of qualified opportunity zone equity under its new opportunity zone (OZ) strategy in a joint venture with Aspen Heights Partners.
The equity commitment will finance the ground-up development of a class A, midrise multifamily project in the rapidly growing Symphony Park district of downtown Las Vegas. The project will include 290 apartment units and approximately 4,300 square feet of retail space to be used as a full-service restaurant.
Canyon’s experience as a capital provider across asset classes includes a long history in multifamily investing. Over the past five years, Canyon has made more than $800 million of debt and equity investments in multifamily assets nationwide, supporting the financing of $2.5 billion of projects. With this investment, Canyon becomes one of the first institutional real estate investors to support the opportunity zone program.
The institutional-quality Symphony Park development will feature three- and five-story buildings with a mix of studio, one- and two-bedroom units, 12 two-level mezzanine loft units on the top floor, and 18 two-level townhome units on the ground floor with private access.
“The Symphony Park district has so much to offer, and we are proud to play a part. We look forward to delivering apartments and retail space that will complement the community,” said Greg Henry, founder and CEO of Aspen Heights.
The development is located in close proximity to major employment hubs, including the Las Vegas Medical District to the immediate west of Symphony Park, downtown Las Vegas to the immediate east, and the Las Vegas Strip.
