Investors Rally Around Workforce Housing
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Canyon Partners is based in Los Angeles.
LOS ANGELES—Canyon Partners Real Estate and Citi Community Capital have partnered to launch the Canyon Multifamily Impact Fund II, a $50 million fund that will invest in workforce housing in underprivileged communities. The fund seeks to provide long-term, material, positive impacts to the residents living in those communities, and will focus on the Florida, California and Illinois markets.
This is the second fund launched by Canyon Partners and Citi Community. The first impact fund acquired 2,345 workforce-housing units in Chicago and Los Angeles. Like CMIF I, CMIF II will also focus on value-add investments in these markets, and will invest additional capital to improve the operations and sustainability of the properties. Additionally, the fund will also implement educational programs and healthcare screenings for the onsite residents at the properties. Both Canyon Partners and Citi Community Capital declined to comment for the story…
