The Grupe Company and Canyon Partners Form Joint Venture to Develop 253 Unit Multifamily Project in Folsom, CA; Secure Construction Loan from Umpqua Bank
FOLSOM, Calif., April 24, 2023 /PRNewswire/ -- Canyon Partners Real Estate LLC ("Canyon") and Iron Point Manager LLC, a partnership between The Grupe Company, Guardian Capital and Cole Partners, announce a joint venture for the ground-up construction of Iron Point Apartments. The project is a Class A market-rate multifamily garden style development located in Folsom, CA, an affluent, growing, and highly desirable suburban neighborhood of Sacramento. Canyon provided $16 million of preferred equity for this project, which also secured a senior construction loan from Umpqua Bank. The multifamily community will begin construction immediately and is projected to be open for first move-ins by the Fall of 2024.
Located at 2137 and 2275 Iron Point Road, the garden style project consists of 253 Class-A apartment units across 11 three-story buildings. The project features an extensive community amenity package consisting of pool side cabanas & a sun deck, a bocce ball court, a game room, outdoor grills, fire pits, a fitness center, bike storage, electric vehicle charging stations, a yoga studio, and a coffee bar.
Iron Point Apartments will be central to several employment centers in the area and is within walking distance to notable employers, including Intel, Kaiser Permanente, SAFE Credit Union and Micron. In addition to local employment, retail and entertainment options, residents will also be in close proximity to Folsom Ranch, a master planned community that will feature 138 acres of public space, 30 miles of walking paths and bike trails, and a town center that will include various community recreation facilities.
"Sacramento has been one of the top performing institutional multifamily markets in the country driven by its relative affordability and job growth in the health care and life sciences industries," said Mark Fischer, President of The Grupe Company. "We are excited to break ground on this community with Canyon in order to serve the growing needs of Folsom by providing newly-built, high quality housing to the area."
About Canyon Partners LLC
Founded in 1991, Canyon Partners Real Estate LLC ("Canyon") is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with approximately $24.0 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.6 billion of debt and equity capital across over 200 transactions capitalizing approximately $17.6 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 31 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.
About The Grupe Company
Founded in 1966, The Grupe Company, based in Stockton, CA is a highly experienced vertically integrated real estate development firm that has developed in 35 cities, creating 23 master-planned communities with over 50,000 single family lots, 15,000 apartment units across 100 communities, 8,000 single family homes in 60 different subdivisions, 2.6 million square feet of commercial and retail projects, and 28 self-storage facilities. Grupe has developed 10 multifamily properties totaling 2,952 units in the Sacramento MSA. For more information visit: www.grupe.com.
About Cole Partners
Cole Partners Development Company ("Cole Partners") is a second-generation investment and development firm based in Sacramento, California. Since 1981, members of the Cole Partners team have developed more than 7 million square feet of office, retail and, more recently, residential properties throughout the Sacramento region. Their projects include some of the best known urban and suburban developments in the Sacramento market. For more information visit: www.colepartners.com.
About Guardian Capital
Guardian Capital ("Guardian") is a privately-held real estate development and investment firm that develops projects directly and through limited partnerships with reputable real estate sponsors, such as Grupe and Cole Partners. In 2009, Jim Previti formed Guardian Capital after successfully founding and leading Forecast Homes, one of the nation's largest privately-owned home building companies, which was subsequently sold in 2002 to K. Hovnanian Homes (NYSE: HOV). Over several decades, Guardian Capital and its affiliates have delivered more than 40,000 single-family homes and developed multiple master-planned communities, multifamily projects and retail shopping centers. Today, Guardian finances, acquires, develops and manages real estate in California and the Western United States. Guardian's portfolio (stabilized and in development) includes more than 5,000 multifamily units, 500,000 square feet of grocery-anchored retail centers and 120,000 square feet of office buildings. For more information visit: www.guardian-capital.com.
Media Contacts
Kris Cole
Prosek Partners
(310) 614 9208
pro-canyon@prosek.com
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SOURCE Canyon Partners LLC
