TIGARD, OR - Canyon Partners Real Estate, ScanlanKemperBard Companies and Diamond Investment Group announce their joint venture in the development of The Overland, a 219-unit apartment project in the Portland suburb of Tigard, Oregon. Canyon invested $24.4 million of equity into this project, which is located in a qualified opportunity zone.
The joint venture also secured a construction loan from Bank OZK. SKB is the lead project sponsor and developer, spearheading a team including DIG and Greenlight Development. Construction will commence immediately and is scheduled for completion in the summer of 2022.
Located in the Tigard Triangle at the northeast corner of SW Dartmouth Street and SW 72nd Avenue, the project benefits from its close proximity to retail, restaurants, and outdoor activities as well as convenient access to the area's major employment hubs, including downtown Portland, the Oregon Health & Science University, Beaverton, and Hillsboro.
"We're extremely excited to partner with Canyon, DIG and Greenlight, and break ground on SKB's first Opportunity Zone development," said SKB's Senior Vice President of Acquisition and Development, John Olivier. "We greatly appreciate the City of Tigard's leadership and assistance in making the Tigard Triangle's latest development a reality."
"The Overland project is a huge stepping stone for the Tigard Triangle. The neighborhood is currently undergoing the development of hundreds of affordable homes, and The Overland will enhance income diversity and new street level retail activity in the area," said the City of Tigard Community Development Director, Kenny Asher. "This project is a significant contribution in making the neighborhood walkable and inclusive."
The Overland will feature 219 apartments consisting of a mix of studio, one-, two-, and three-bedroom units, in addition to ground floor retail space. Community amenities will include an outdoor courtyard, fitness center, and secure parking.
Over the last five years, Canyon has invested over $900 million in debt and equity in multifamily investments nationwide, supporting the financing of approximately $3 billion of project capitalization. This investment marks Canyon's fifth joint venture equity investment into opportunity zones since the regulations were enacted.