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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.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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