Canyon Capital Realty Expands Portfolio with the Purchase of Two Apartment Communities in Suburban Chicago
- Nov 20, 2014
By Ioana Neamt, Associate Editor
Canyon Capital Realty Advisors, the real estate direct investing arm of Canyon Partners, LLC, a Los Angeles-based investment and management company with roughly $24 billion in assets, recently announced the purchase of two suburban Chicago-area apartment communities, the Preserve at Carol Stream and Eagle Creek in Westmont, Ill. Canyon made the purchase through its Canyon Multifamily Impact Fund (CMIF), a joint venture established in 2013 between Canyon Capital Realty Advisors and Citi Community Capital. The CMIF was created in order to address the need for affordable, quality rental living options in underserved communities across the U.S. The fund currently owns 1,624 units in the Chicago market, according to a news release.
“These two communities are a good fit for the investment criteria and the social and environmental initiatives we prioritize in CMIF,” Marti Page, director at Canyon Capital Realty said in a press release.
Managing Director Gerald Goldman added: “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.”
The Preserve at Carol Stream garden-style community features 285 one- and two-bedroom units across 5 buildings, situated within the Wheaton School District in the city of Carol Stream. Located at 535 E. Thornhill Dr., the 15-acre community includes an executive business center, racquetball court, fitness center, sand volleyball court, pool and spa, covered parking, 24-hour maintenance service, picnic areas, soccer and baseball courts, and is close to major expressways and Metra train. Each residential unit features wall-to-wall carpeting, high-speed internet access, walk-in closets, private balconies or patios and air conditioning, among other amenities.
The Eagle Creek apartment community located at 1128 S. Williams in
Westmont features 346 one- and two-bedroom units across seven buildings. Amenities include a courtyard, grilling area, playground, two swimming pools, 24-hour maintenance, air conditioning, private balconies and patios, spacious floor plans, and private entrances. According to a news release, Canyon also intends to build a clubhouse on the property which will feature fitness facilities and community spaces. Eagle Creek provides residents easy access to I-88, I-355 and Route 83, and is situated in close proximity to the Oakbrook Shopping Center. The property was acquired by Canyon in joint partnership with Odessa Realty Investments, LLC.
With the purchase of the two multifamily communities, Canyon has doubled the number of properties it owns in the Chicago area. The company’s portfolio also includes the York Terrace apartment complex in Bronzeville and Woodfield Crossing in Rolling Meadows.
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