Canyon Partners JV to Develop Sacramento-Area Property
Umpqua Bank provided a $60.2 million loan for the project.
Image by Heye Jensen via Unsplash.com
Canyon Partners Real Estate in joint venture with Iron Point Manager LLC—a partnership between The Grupe Co., Guardian Capital and Cole Partners—will develop Iron Point Apartments, a 253-unit multifamily community in the Folsom suburb of Sacramento, Calif. Canyon provided $16 million in preferred equity and secured a senior construction loan from Umpqua Bank, which public records show amounts to $60.2 million. Completion is expected in 2024’s third quarter.
The garden-style community will incorporate 11 three-story buildings across a roughly 12-acre site. Resident amenities are slated to include a swimming pool with cabanas, game room, EV charging stations, fitness center, yoga studio and bocce ball court, along with fire pits and outdoor grills.
Construction will begin soon at 2137 and 2275 Iron Point Road, which is near El Dorado Freeway and roughly 25 miles from downtown Sacramento. The Folsom Gateway shopping mall is adjacent to the property, along with other retail and dining options. Folsom Ranch is also near—a master-planned community featuring 138 acres of public space.
The Grupe Co. President Mark Fischer emphasized in prepared remarks the strength of Sacramento’s multifamily market, citing relative affordability and job growth in key sectors such as health care and life sciences. A Yardi Matrix report shows that in January, 6,695 units were underway, while in 2022, the metro’s stock expanded by 1.2 percent, which was above its five-year average.
