Canyon Partners Real Estate Forms Joint Venture with Gilbane Development Company for Development of Multifamily Community in Austin, TX
November 26, 2024
Joint venture will introduce Aer, a Class A multifamily project located in the desirable South Lamar submarket of Austin
AUSTIN, Texas, Nov. 26, 2024 — Canyon Partners Real Estate LLC (“Canyon”) today announced that is has provided a preferred equity investment in a joint venture with Gilbane Development Company (“Gilbane”) for the development of Aer, a 375-unit Class A multifamily project located in the South Lamar submarket of Austin, Texas.
The project is located approximately three miles south of downtown Austin along South Lamar Boulevard, an established corridor offering direct access to a variety of retail and restaurant amenities as well as nearby parks and hiking trails. The project is also conveniently positioned near major highways, including east-west Highway 71, north-south MoPac Expressway, and Interstate 35, allowing for seamless connectivity throughout the city and surrounding suburbs.
“Aer represents a unique development opportunity in Austin’s South Lamar submarket, a neighborhood characterized by strong demand yet limited new supply,” said Adam Moore, Vice President of Development at Gilbane. “As the city experiences continued growth and demand for high-quality rental housing, we are excited to partner with Canyon to develop the first eight story podium building on South Lamar.”
Canyon has been an active provider of debt and equity in Texas and continues to invest in real estate projects in primary and secondary markets across the United States. Since its inception, Canyon has capitalized ~$2 billion of total projects across all asset types in the state of Texas. Aer marks Canyon’s fourth investment in the Austin area over the past five years.
About Canyon Partners Real Estate 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 $26.2 billion in assets under management. Over the last ten years, Canyon has invested approximately $5.2 billion of debt and equity capital across ~180 transactions capitalizing approximately $21.1 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ 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 Gilbane Development Company
Gilbane Development Company is the real estate development, financing, and ownership arm of Gilbane, Inc., a 154-year-old family-owned company. With over $8.5 billion in development and more than 25,000 units of housing completed/underway, Gilbane Development Company’s projects incorporate every aspect of real estate including: multifamily housing (market rate apartments, student housing, and affordable housing); mixed-used developments; healthcare facilities; K-12 schools; government facilities; and many types of facilities delivered through public-private partnerships. To learn more, visit www.gilbaneco.com/development.
Media Contacts:
Canyon Partners
Kris Cole
Pro-Canyon@prosek.com
(310) 614 9208
Gilbane Development Company
Stephanie Handfield
shandfield@gilbaneco.com
401-456-5456