LOS ANGELES, CA - The Canyon Catalyst Fund has entered into a joint venture with San Francisco-based Sack Properties, representing one of several new partnerships for the groundbreaking fund designed to cultivate the next generation of real estate investment managers. Sack Properties’ investments will result in $60-$100 million of multifamily property acquisitions in urban markets in Northern California.
Led by Kirby Sack, the daughter of Sack Properties founder Paul Sack, the company specializes in redeveloping multifamily properties in the San Francisco Bay Area with a focus on properties in need of operational improvements and older properties in prime infill locations.
“Sack Properties has all the right characteristics the Canyon Catalyst Fund is looking for in a partner,” said Bobby Turner, Chairman and CEO of Canyon Capital Realty Advisors. “We are confident that this new partnership will help an already high quality group of real estate managers expand from their base in San Francisco to San Jose and other urban markets in Northern California.”
“Kirby and her team are excellent stewards of 1,290 residential units throughout several Bay Area communities, and she has an impressive in-house property management group that helps the company achieve operational efficiencies by combining resources across properties,” said Maria Stamolis, Managing Director at Canyon Capital Realty Advisors. “Sack Properties also enjoys strong relationships with property owners in the area, and we are confident that our partnership will enable the company to extend their platform even further.”
The Canyon Catalyst Fund is a new joint venture between Canyon Capital Realty Advisors and the California Public Employees’ Retirement System (CalPERS). The $200 million fund, which will facilitate $400 million of investment, is designed to identify early stage real estate managers with strong potential for success, access to unique investment opportunities, and cultivate the next generation of CalPERS portfolio talent. Canyon provides direct oversight of investment sourcing, selection and deal structuring, and oversees asset management through to final realization.
“We are honored to be selected as a multifamily partner to invest this new fund alongside the team at Canyon, which has a proven track record in urban investing,” said Kirby Sack. “We see our new partnership with Canyon as a great opportunity to leverage our multifamily investment capabilities and take advantage of the growing number of value-add opportunities in Silicon Valley and other urban communities in Northern California.”