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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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