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Canyon Partners Acquires Anaheim MF
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Los Angeles-based Canyon Partners Real Estate LLC acquired the leasehold interest in Coronado Palms, a 169-unit apartment community located in Anaheim, CA from an undisclosed party. The transaction was executed through Canyon Multifamily Impact Fund III LLC, a joint venture between Canyon and CIT Bank, N.A., with CIT’s Real Estate Finance business providing the roughly $25 million senior secured loan to fund the acquisition.
Coronado Palms, a 5.21-acre property consisting of 11, three-story buildings, represents CMIF III’s first acquisition since it was launched in late 2016. This is the third fund within Canyon’s workforce housing platform dedicated to advancing community development and embracing environmental responsibility.
CIT’s Mike Pedone says, “[Coronado Palms’] 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.”
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- ◦Sale/Acquisition




