LOS ANGELES-Canyon Capital Realty Advisors and Citi Community Capital are launching a new real estate fund focused on multifamily workforce housing in underserved US communities. The new fund will look to acquire and manage up to $800 million in properties.

The Canyon Multifamily Impact Fund leadership has begun to identify and evaluate potential investment opportunities in urban areas in California, Texas and Illinois. Individual investments will range from $20 million to $90 million for individual properties and multisite portfolios.

The fund will look to enhance the properties it acquires through targeted physical upgrades and property management improvements that enhance day-to-day operations and the quality of life for its residents. The Canyon team will also implement select education, healthcare and security programs to benefit both property residents and their surrounding communities. These on-site programs may include afterschool tutoring, employment assistance, community sports activities and new neighborhood watch programs.

Bobby Turner, the chairman and CEO of Canyon Capital Realty Advisors, said in a statement that Canyon is “honored to be working with Citi, a longtime partner of ours.” Turner adds that Canyon's “multifamily experience, acquisition and asset management teams and overall investment philosophy are well-aligned to meet the objectives of this new multifamily fund.”

“Amid increased housing costs across the United States, the need for quality workforce housing near employment centers is higher than ever,” said a statement from Dan Millman, principal at Canyon Capital Realty Advisors. “We are focused on acquiring and improving well-positioned properties that offer affordable rental housing options for local residents. We look forward to eventually creating an even bigger impact on underserved communities across the country.”

Andrew Ditton, co-head of City Community Capital, says the expansion of the partnership with Canyon Capital Realty Advisors will “enhance our focus on important community development projects around the countryl. We look forward to the ways in which Canyon's innovation and expertise will improve workforce housing stock by strategically investing Citi's capital in key markets.”

Canyon Capital Realty Advisors, including the Canyon-Johnson Urban Funds and Canyon-Agassi Charter School Facilities Fund, has claimed over $5 billion in transactions involving more than 250 commercial real estate assets with a total value of over $12.6 billion since its inception.

Citi Community Capital is a financial partner with expertise in financing all types of affordable housing and community reinvestment projects. They handle origination, structuring, asset and risk management across the country.