Canyon Capital Realty Advisors Partners with Citi on Canyon Multifamily
New fund to acquire and manage up to $800 million of multifamily workforce
housing in California, Texas and Illinois
LOS ANGELES -- May 08, 2013
Canyon Capital Realty Advisors (CCRA) and Citi have partnered to launch a new
real estate fund focused on multifamily workforce housing in underserved
communities across the United States. Reflecting a shared commitment to making
socially impactful investments, the Canyon Multifamily Impact Fund is
positioned to acquire and manage up to $800 million in apartment communities,
representing thousands of units, over the next several years.
The Canyon Multifamily Impact Fund will adhere to CCRA’s triple bottom-line
approach to investing that includes achieving sound financial returns,
advancing community development and embracing environmental responsibility.
Central to CCRA’s triple bottom-line investment thesis is recognizing the
interdependency between profits and purpose.
Beginning immediately, the Fund’s leadership team will identify and evaluate
potential investment opportunities in urban areas throughout California, Texas
and Illinois. Individual investments will range in size from $20 million to
$90 million for both individual properties and multisite portfolios.
The Fund will seek 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.
“We are thrilled to expand our partnership with Canyon Capital Realty Advisors
and enhance our focus on important community development projects around the
country,” said Andrew Ditton, Co-Head of Citi Community Capital. “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
“We are honored to be working with Citi, a longtime partner of ours, one of
the world’s most respected financial institutions and a company that shares
our belief that a strong focus on social and corporate responsibility is vital
to financial success,” said Bobby Turner, Chairman and CEO of Canyon Capital
Realty Advisors. “Canyon’s multifamily experience, our 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 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.”
Since its formation, Los Angeles-based Canyon Capital Realty Advisors,
including the Canyon-Johnson Urban Funds and Canyon-Agassi Charter School
Facilities Fund, has completed over $5 billion in transactions involving more
than 250 commercial real estate assets with a total value of over $12.6
billion. The firm provides debt and equity to real estate projects through the
United States and covers multiple property types including multifamily,
hospitality, retail, mixed-use, entertainment, charter schools, industrial,
office and land. CCRA is also known for its expertise handling complex real
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC (CCRA) is the real estate direct investing
arm of Canyon Partners, LLC. Canyon Partners and its affiliates, including
Canyon Capital Advisors, CCRA and ICE Canyon, are investment management firms
and registered investment advisors headquartered in Los Angeles, California,
with approximately $20 billion in assets under management. CCRA’s investment
platforms include: (a) the Canyon-Agassi Charter School Facilities Fund, a
joint venture with Andre Agassi focusing on the development of learning
friendly, environmentally responsible charter school facilities for best in
class charter school operators, (b) Canyon’s Urban Investment funds including
the Canyon-Johnson Urban Funds, a series of closed-end real estate funds and
joint venture with Earvin “Magic” Johnson focusing on inner-city and urban
real estate development, (c) The Canyon Catalyst Fund, a joint venture with
the California Public Employee’s Retirement System (CalPERS), aimed at
developing the next generation of emerging real estate managers, and (d) the
Canyon Value Mortgage Funds, which originate and/or purchase senior and
mezzanine mortgage debt.
About Citi Community Capital
Citi Community Capital (CCC) is a premier financial partner with nationally
recognized expertise in financing all types of affordable housing and
community reinvestment projects. CCC's origination, structuring, asset and
risk management staff across the country provides creative financing solutions
designed to meet their clients' needs. CCC helps community development
financial institutions, real estate developers, national intermediaries and
nonprofit organizations achieve their goals through a broad, integrated
platform of debt and equity offerings. Additional information may be found at
Citi, the leading global financial services company, has approximately 200
million customer accounts and does business in more than 140 countries.
Through Citicorp and Citi Holdings, Citi provides consumers, corporations,
governments and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and investment
banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com or www.citi.com.
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