Canyon Partners Real Estate Invests in San Antonio Multifamily Development

September 12, 2017

For Immediate Release

Los Angeles (September 12, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) provided $8.5 million of preferred equity to a joint venture between The NRP Group (“NRP”) and Lido Advisors LLC (“Lido”) for the construction of Montabella Pointe II, a Class-A apartment community in San Antonio, Texas. The 321- unit, three-story, garden-style development is located on approximately 13 acres on North Foster Road.

Canyon has a broad range of experience investing in Texas. In the past five years, Canyon has deployed over $175 million across the state through senior loans, mezzanine loans, preferred equity and equity.

“Montabella Point II is the sixth opportunity in five years which we’ve partnered with Canyon to successfully develop Class-A multifamily property. This investment underscores Canyon’s continued confidence in our ability to deliver quality projects,” said George Currall, Principal, Managing Director of Capital Markets for The NRP Group. “The San Antonio market is thriving and high quality rental housing is in high demand, particularly among the large population of military veterans and personnel. Montabella Pointe II is being developed in direct response to this demand.”

San Antonio is the seventh largest city in the US with a population of nearly 1.4 million people, and the North Central/Northeast corridor continues to be one of the strongest apartment markets in the area due to limited inventory and the strong employment base. In addition to the large concentration of local military installations, the healthcare sector continues to grow in San Antonio and has added 40,000 jobs over the past 10 years.

“The San Antonio market continues to support investment opportunities, especially in multifamily where there is clearly proven demand,” said Gregory Kushner, Chairman, Lido Advisors. “We are pleased to partner with Canyon and NRP on the development of Montabella Pointe II.”

The 271,255-square-foot development consists of 48 studio apartments, 159 one-bedroom apartments, 102 two-bedroom apartments and 12 three-bedroom units in 11 buildings. Unit amenities include 9’ – 10’ ceilings, European-style kitchen cabinets and crown molding, granite countertops, stainless steel appliances, in-unit walk-in laundry and private balconies. Property amenities include covered parking, a resort-style pool courtyard with hot tub and grilling facilities, sand volleyball court, 24-hour fitness center, business center, dog park and resident club facility with Wi-Fi cyber café.

Located in San Antonio’s Northeast submarket, Montabella Pointe II is just north of I-10 and east of I- 35/410 Loop. San Antonio’s largest employers, including Randolph Air Force Base, Fort Sam Houston, San Antonio Military Medical Center and the Northeast Lakeview branch of Alamo Community College, are located within a 15-minute drive of the property. The property is in close proximity to retail and recreation amenities.

About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.5 billion of capital in over 255 commercial real estate and mortgage transactions with a total capitalization of $17.1 billion through its distinct real estate investment platforms.

Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $22 billion of assets. For more information visit: www.canyonpartners.com.

About NRP Group
The NRP Group LLC, founded in 1995, is a full-service developer, general contractor, and property manager of multifamily, senior, and student housing throughout the United States. From start to finish, every development NRP Group works on is carefully contemplated and executed to maximize investment return cost efficiency, productivity and satisfaction. The NRP Group is recognized as a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and has been consistently ranked one of the Top 25 Developers by Multifamily Executive. The NRP Group LLC has offices in San Antonio, Texas; Cleveland, Ohio; Raleigh, North Carolina; Tampa, Florida; Buffalo, New York; New York, New York; Gaithersburg, Maryland; Dallas, Texas; Houston, Texas; Austin, Texas; Orlando, Florida and Detroit, Michigan, devoting significant resources to providing high-quality housing to residents. For additional information visit www.NRPGroup.com

About Lido Advisors LLC
Lido Advisors is a full-service investment management and advisory firm based in Los Angeles with approximately $1.7 billion under management. The firm offers investors the opportunity to invest in fixed income, equities, real estate and alternative investments. For more information visit: www.lidoadvisors.com.

MEDIA CONTACT:
Maureen Richardson
River Communications
(914) 686 5599
[email protected]

Back to Real Estate

 

Download File
X

Popular Searches: