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Canyon Partners, Cypress JV on Apartment Mid-Rise in Austin
Canyon Partners Real Estate LLC formed a joint venture with Cypress Real Estate Advisors, Inc. for the ground-up development of a 263-unit, mid-rise multifamily community in Austin. Canyon invested $23.9 million of equity in the project, which is located in a qualified opportunity zone, and broke ground in December 2020.
Located in the high-growth East Riverside submarket, the multifamily project will offer new housing near several major employers, including the new Oracle campus and the recently announced Tesla Gigafactory.
“Austin’s expanding technology sector has continued to attract new residents, particularly from the Millennial age cohort, and the area needs more affordable housing options as a result,” said Robin Potts, Canyon’s co-head of real estate.
She continued, “We are excited to work alongside an experienced partner like Cypress to help meet the Austin community’s housing needs and continue the area’s economic growth to attract even more new businesses and residents.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
