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California  + Bay Area  + Apartments  | 

Canyon Partners, Grupe Company Team on Class A Multifamily in Sacramento Suburb

Canyon Partners Real Estate LLC and Iron Point Manager LLC, a partnership between The Grupe Company, Guardian Capital and Cole Partners, formed a joint venture for the ground-up construction of Iron Point Apartments. The project is a Class A market-rate multifamily garden style development located in Folsom, CA, an affluent and growing Sacramento suburb. 

Canyon provided $16 million of preferred equity for the project, which also secured a senior construction loan from Umpqua Bank, reportedly for $60.2 million. The development is projected to open for first move-ins by fall 2024. 

“Sacramento has been one of the top performing institutional multifamily markets in the country, driven by its relative affordability and job growth in the health care and life sciences industries,” said Mark Fischer, president of The Grupe Company. “We are excited to break ground on this community with Canyon in order to serve the growing needs of Folsom.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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