Los Angeles, CA – June 5, 2019 – Canyon Partners Real Estate LLC® (“Canyon”) has provided $29.4 million of qualified opportunity zone equity under its new Opportunity Zone strategy in a joint venture with Aspen Heights Partners. The equity commitment will finance the ground-up development of a Class-A, midrise multifamily project in the rapidly growing Symphony Park district of Downtown Las Vegas. The project will include 290 apartment units and approximately 4,300 square feet of retail space to be used as a full-service restaurant.
Canyon’s experience as a capital provider across asset classes includes a long history in multifamily investing. Over the past five years, Canyon has made over $800 million of debt and equity investments in multifamily assets nationwide, supporting the financing of $2.5 billion of projects. With this investment, Canyon becomes one of the first institutional real estate investors to support the opportunity zone program.
The institutional-quality Symphony Park development will feature three- and five-story buildings with a mix of studio, one- and two-bedroom units, 12 two-level mezzanine loft units on the top floor, and 18 two-level townhome units on the ground floor with private access.
“It is an honor to be a part of a project in such an incredible redevelopment,” said Greg Henry, founder and CEO of Aspen Heights. “The Symphony Park district has so much to offer and we are proud to play a part. We look forward to delivering apartments and retail space that will complement the community.”
The development is located in close proximity to major employment hubs, including the Las Vegas Medical District to the immediate west of Symphony Park, Downtown Las Vegas to the immediate east, and the Las Vegas Strip. It is situated at the intersection of I-15 and US-95/I-95, the primary north/south and east/west thoroughfares in Las Vegas, providing residents convenient freeway access to other major employment submarkets, including Summerlin, Henderson and Spring Valley, as well as McCarren International Airport.
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 over $26 billion in assets under management. Over the last ten years, Canyon has invested more than $4.6 billion of debt and equity capital across over 170 transactions capitalizing approximately $12 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With over 27 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 Aspen Heights
Founded in 2006, Austin-based Aspen Heights has developed 36 conventional multifamily, student housing and assisted living properties, totaling more than $2 billion in value. The company builds, leases and manages its own projects and also provides third-party leasing and management services. It is a mainstay in the top 10 lists of student housing development companies. The firm’s best-known project is arguably The Independent, a 685-foot-tall, 363-unit condo tower that’s both the tallest residential tower west of the Mississippi River as well as the tallest structure in Austin. It has an additional $1.9 billion in projects in its pipeline. For more information, visit: www.ahpliving.com.
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