Canyon-Johnson Invests $26M in JV With GLJ Partners

MONTCLAIR, CA-Canyon-Johnson Urban Fund has made a $25.7-million equity investment in a joint venture with an affiliate of GLJ Partners for the acquisition and development of a fully entitled 15.4-acre redevelopment site for the Paseos, an infill transit-oriented apartment development here. 

The Paseos, which is slated for ground-breaking in the summer of 2012, will consist of 18 low-rise buildings with 385 units, ranging in size from studios to three bedrooms. The property including a strong in-fill location, robust market demand for quality rental housing, and support from the City of Montclair which issued building permits for the project last week, according to a prepared statement.