LOS ANGELES, CA - Canyon Partners Real Estate announced the acquisition of the leasehold interest in Coronado Palms, a 169-unit apartment community located in Anaheim, California. The transaction was executed through Canyon Multifamily Impact Fund III, a joint venture between Canyon and CIT Bank, N.A., with CIT's Real Estate Finance business providing the approximately $25 million senior secured loan to fund the acquisition.
CMIF III is strategically positioned to target acquisition opportunities in Southern California and promotes the implementation of social programs through a variety of education, healthcare and community initiatives designed to benefit both residents and the communities in which they live and work. This is the third fund within Canyon's workforce housing platform dedicated to advancing community development and embracing environmental responsibility. CMIF III is also directly in line with CIT's pledge to invest in the betterment of the communities in which it serves. Coronado Palms represents CMIF III's first acquisition since it was launched in late 2016.
"The acquisition of Coronado Palms is a perfect example of CIT's commitment, in conjunction with Canyon Partners, to bringing quality affordable housing to working families in Southern California," said Mike Pedone, Managing Director of CIT. "Its proximity to transit, employment, education and healthcare make it an ideal location, and our capital improvement plan will enhance the property through targeted building upgrades that help enrich the quality of life for its residents."
FPI Management, a California-based management company, with strong experience in this market, has been engaged as the property manager.
Coronado Palms is situated in central Anaheim, just west of Interstate-5 and benefits from being located near strong employment drivers including Disneyland Resort, the Anaheim Convention Center & Resort District, and the Platinum Triangle, a district of Anaheim that is transforming from a low-density commercial and industrial zone into a vibrant urban mixed-use environment with high-density housing, commercial office towers and retail.
The 5.21-acre property consists of 11, three-story buildings totaling 151,067 leasable square feet. Since 2013, the property has undergone several upgrades, including improvements to the pool deck and new equipment for the fitness center. The property also includes community laundry facilities, a dog park, barbeque area and children's playground.
CMIF III builds on the success of Canyon's existing Multifamily Impact Funds which improve workforce multifamily properties by making long-term, material, positive impacts in targeted communities across the United States. To date, the funds have acquired more than $400 million of workforce housing, representing more than three million square feet and over 3,900 units.
Canyon has a broad range of experience investing in California. In the past five years, Canyon has deployed over $1 billion in 46 California investments through senior loans, mezzanine loans, preferred equity and common equity, with nearly $600 million of investments in Southern California alone.