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Canyon-Johnson Urban Fund Makes DC Investment

WASHINGTON, DC-Canyon-Johnson has teamed up with Faison to develop a condominium project in southeast DC.

By Erika Morphy | Updated on August 03, 2006

(To read more on the multifamily market, click here.)

WASHINGTON, DC-The Canyon-Johnson Urban Fund, a Los Angeles-based joint venture between Canyon Capital Realty Advisors and Magic Johnson, is making its first-ever investment in the Washington, DC market. The company is partnering with Charlotte, NC-based Faison to develop a condominium project next to the Navy Yard Metro station in Southeast.

Plans call for the development of 266-units over a four-level underground parking garage with approximately 210 parking spaces and 65 storage spaces. The condominium community is part of a master planned development that will include a 13-story office building next to the project, which will be separately developed by Opus.

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