Canyon Multifamily Impact Fund, a joint venture between Century City’s Canyon Capital Realty Advisors and a unit of Citibank, on Thursday said it has made its first investment, a multifamily complex in Palmdale called the Fountains.
The fund, designed to support workforce housing in underserved communities, said that it’s identifying and evaluating other investment opportunities in urban areas of California, Texas and Illinois
Canyon Capital Realty Advisors, the real estate investing arm of Canyon Partners, and Citi Community Capital said the investments will range between $20 million to $90 million for both individual properties and multisite portfolios. It did not say how much was invested in the Fountains.
Built in 1986, the Fountains is a 21-acre property with 336 units, 80 percent of which are leased.
“We are thrilled to announce our first acquisition within the Canyon Multifamily Impact Fund, and to take on an active ownership role that will enable us to make a long-term, positive impact on a formerly underserved rental community in Palmdale,” Bobby Turner, Canyon Capital Realty chief executive, said in a statement.