Canyon Partners Real Estate LLC and Iron Point Manager LLC, a partnership between The Grupe Company, Guardian Capital and Cole Partners, have formed a joint venture for the ground-up construction of Iron Point Apartments. This Class A market-rate multifamily garden style development is located in Folsom, CA – an affluent and growing Sacramento suburb. Canyon provided $16 million of preferred equity for the project which also secured a senior construction loan from Umpqua Bank reportedly worth $60.2 million with projected move-ins by fall 2024.
Mark Fischer President of The Grupe Company commented on this new opportunity saying “Sacramento has been one of the top performing institutional multifamily markets in the country driven by its relative affordability and job growth in health care & life sciences industries” He continued to express his excitement about breaking ground on this community with Canyon to serve Folsom’s growing needs.
