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The Grupe Co., Iron Point Manager form JV to develop multifamily project in Folsom, Calif.
Canyon Partners Real Estate and Iron Point Manager, a partnership between The Grupe Company, Guardian Capital and Cole Partners, announce a joint venture for the construction of Iron Point Apartments. The project is a class A, market-rate, multifamily, garden-style development located in Folsom, Calif., a suburb of Sacramento. Canyon provided $16 million of preferred equity for this project, which also secured a senior construction loan from Umpqua Bank. Construction on the multifamily community will begin immediately, with move-ins projected for fall 2024.
Located at 2137 and 2275 Iron Point Road, the project comprises 253 class A apartments across 11 three-story buildings. The project features an extensive community amenity package consisting of pool-side cabanas and a sun deck, bocce ball court, game room, outdoor grills, fire pits, fitness center, bike storage, electric vehicle-charging stations, yoga studio and coffee bar.
Iron Point Apartments will be near severa