Fund JV Snags Multifamily Properties

LOS ANGELES—Canyon Capital Realty Advisors‘ Canyon Catalyst Fund and Sack Properties have acquired two multifamily properties totaling 221 units in emerging Los Angeles submarkets. The purchase includes an 85-unit property in West Covina and a 136-unit property in Upland, CA. Both sellers are unnamed.

Focusing on properties in Los Angeles is part of Sack Properties’ expansion into the greater Southern California market. “As part of our mandate to cultivate emerging managers, we identified Southern California as the natural next stage of growth for Sack Properties,” Maria Stamolis, senior managing director at Canyon Capital Realty Advisors, tells GlobeSt.com. “In turn, we benefit with improved portfolio geographic diversification while leveraging our respective firms’ existing infrastructure.” Kirby Sack, Sack Properties CEO, concurs, telling GlobeSt.com, “Sack Properties has been seeking attractive opportunities to expand our holdings statewide and Southern California exhibits compelling fundamentals.”