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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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