CHICAGO, IL - Canyon Capital Realty Advisors, a real estate investment firm, has acquired two apartment complexes in suburban Chicago through the Canyon Multifamily Impact Fund, bringing the total number of properties to four in the Chicago area and five total for the fund.
The properties include the Preserve at Carol Stream, a 285-unit garden-style apartment community in Carol Stream, Ill., and Eagle Creek, a 346-unit garden-style apartment community located in nearby Westmont.
CMIF is an innovative joint venture established in May 2013 between Canyon Capital Realty and Citi Community Capital that seeks to address the need for higher quality workforce housing in underserved communities across the United States.
“These two communities are a good fit for the investment criteria and the social and environmental initiatives we prioritize in CMIF,” said Marti Page, Director at Canyon Capital Realty. “Canyon Capital Realty will focus on enhancing both properties through physical upgrades and the implementation of community services, focusing on education and healthcare that will enhance the quality of life for its residents,” added Gerald Goldman, Managing Director.
CMIF adheres to Canyon Capital Realty’s triple bottom‐line approach to investing that includes seeking sound financial returns, advancing community development and embracing environmental responsibility. CMIF’s leadership team is focused on investment opportunities in the Chicago and Los Angeles areas. Individual investments range in size from $20 million to $90 million for both individual properties and multi‐site portfolios.
Built in 1973, Preserve at Carol Stream consists of 285 units across 5 three-story buildings on approximately 15 acres of land, adjacent to a 68-acre park. The property contains both 1 bedroom/1 bathroom apartments and 2 bedroom/2 bathroom apartments. Preserve at Carol Stream is situated within the Wheaton School District, a top school district in Illinois, and Carol Stream is ranked as a top 100 safest cities in America. Additionally, the property is conveniently located to two major highways along with the Metra Station providing train access to downtown Chicago.
Constructed in 1976, Eagle Creek consists of 346 units across seven two- and three-story buildings on approximately 18 acres with ponds and a creek running through the property. The property includes 42% one bedrooms with seven distinct floor plans and sizes, with the remainder being two bedrooms in three configurations. Westmont provides a safe, attractive neighborhood with top quality schools, quick access to major roads and commuter railroads, an easy commute to the estimated 945,000 jobs nearby (excluding downtown Chicago), extensive retail shopping, medical facilities, and a number of public parks. Canyon Capital Realty acquired Eagle Creek through a joint venture with Odessa Realty Investments LLC, a value-add real estate investment company with offices in Chicago, New York and Boston.
At Eagle Creek, Canyon intends to construct a clubhouse which will provide fitness facilities and community spaces that will allow for the delivery of various resident programming initiatives. Additionally, a renovation program for select apartments will commence to enhance the livability of the units.
In 2013, CMIF purchased its first two apartment communities in the Chicago area, 331-unit York Terrace and 662-unit Woodfield Crossing. The Canyon Multifamily Impact Fund now owns 1,624 units in the Chicago market. The fund’s first purchase was The Fountains at Palmdale in California in July 2013.
“Our partnership with Canyon Capital Realty continues to have an important impact on workforce housing in the Chicago area,” said Richard Gerwitz, co-head of Citi Community Capital. “We are pleased with the Fund’s growth and look forward to seeing the value it adds to these communities.”