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ANAHEIM, CA—Canyon Partners Real Estate LLC has made its first acquisition through Canyon Multifamily Impact Fund III LLC, a joint venture between Canyon and CIT Bank, N.A. Canyon has acquired a leasehold interest in Coronado Palms, a 169-unit apartment community here, with CIT Bank's real estate finance business providing an approximately $25-million senior secured loan to fund the acquisition.
Canyon declined to comment further to GlobeSt.com on its capital-improvement plan for the property, and GlobeSt.com was unable to determine the name of the seller before deadline. According to Mike Pedone, managing director of CIT, “The acquisition of Coronado Palms is a perfect example of CIT's commitment, in conjunction with Canyon Partners, to bringing quality affordable housing to working families in Southern California. Its proximity to transit, employment, education and healthcare make it an ideal location, and our capital-improvement plan will enhance the property through targeted building upgrades that help enrich the quality of life for its residents.”
The 5.21-acre property consists of 11 three-story buildings totaling 151,067 leasable square feet. Since 2013, the property has undergone several upgrades, including improvements to the pool deck and new equipment for the fitness center. The property also includes community laundry facilities, a dog park, barbeque area and children's playground.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
