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