Bobby Turner, the chairman and CEO of Canyon Capital Realty Advisors, praised both of the new partnerships. “Sack Properties has all the right characteristics the Canyon Catalyst Fund is looking for in a partner,” Turner said in a prepared statement on the deals. “We are confident that this new partnership will help an already high quality group of real estate managers expand from their base in San Francisco to San Jose and other urban markets in Northern California.

Turner called Pacshore Partners “a great new partnership for the Catalyst Fund. Pacshore Partners has extensive knowledge of local market dynamics and a proven track record of accessing off-market opportunities, and we are excited to help them grow their capabilities.”

Maria Stamolis, managing director of Canyon Capital Realty Advisors, also touted the new JVs in a prepared statement. “Kirby and her team are excellent stewards of 1,290 residential units throughout several Bay Area communities, and she has an impressive in-house property management group that helps the company achieve operational efficiencies by combining resources across properties. Sack Properties also enjoys strong relationships with property owners in the area, and we are confident that our partnership will enable the company to extend their platform even further.”

Stamolis also said Canyon was pleased to partner with Pacshore "and share our expertise in urban investing to help expand their platform. "Philip is a talented and savvy real estate executive with a fantastic background in all aspects of office and mixed-use investment management. We look forward to working closely with Pacshore in the years to come."

The selected entrepreneurs also offered comment on the new arrangements. “We are honored to be selected as a multifamily partner to invest this new fund alongside the team at Canyon, which has a proven track record in urban investing,” said Kirby Sack of Sack Properties in a prepared statement. “We see our new partnership with Canyon as a great opportunity to leverage our multifamily investment capabilities and take advantage of the growing number of value-add opportunities in Silicon Valley and other urban communities in Northern California.”

Philip Orosco, president and managing partner of Pacshore, said the new venture is “an opportunity for my team at Pacshore to benefit from Canyon's many years of experience in urban investing across the United States. We are thrilled to establish a new relationship with such a well-regarded real estate investment firm. We have already begun identifying potential investments, and we look forward to announcing our first transaction with the Canyon Catalyst Fund soon.”

As previously reported by GlobeSt.com, the first Canyon Catalyst deal was announced with Rubicon Point Partners and will focus on office, R&D and data center properties in Northern California. The second deal was with Paragon Commercial Group, which will focus on retail properties across the state.