Canyon Partners Plans New Multifamily Build in Sacramento

Canyon Partners Real Estate has formed a joint venture with Anthem Properties to build a 153-unit, mid-rise multifamily community in an opportunity zone in Sacramento. While the adjacent Bay Area has experienced double-digit rent decreases, Sacramento has actually had positive rent growth over the last year. Along with the benefits of an opportunity zone, Canyon is bullish on the fundamentals of the project, despite the market dislocation.

Despite the COVID-19 pandemic, the Sacramento multifamily market has demonstrated remarkable resilience, as in-migration trends into Sacramento have accelerated, and this project is well positioned to meet the growing need for multifamily housing in the heart of the city,” a source close to Canyon Partners tells GlobeSt.com.