Canyon Partners Expands Opportunity Zone Portfolio
- Aug 12, 2020
Canyon Partners Real Estate has invested in its fifth Opportunity Zone project with The Overland in Tigard, Ore. The company has pumped $24.4 million into the project, joining lead project sponsor and developer ScanlanKemperBard Cos. and Diamond Investment Group in building the Portland-area community. The joint venture between the three companies also was also able to secure a construction loan for its project from Bank OZK.
Construction for The Overland is scheduled to begin immediately and is slated for completion in summer 2022. The $29.5 million project will be located at the northeast corner of SW Dartmouth Street and SW 72nd Avenue in Tigard, near the area’s major employment hubs including downtown Portland, the Oregon Health & Science University, Beaverton and Hillsboro.
The community will offer 219 units through studios, one-, two- and three-bedroom floorplans. The Overland will be built with an outdoor courtyard, fitness center and secure parking as well as ground-floor retail space.
Kenny Asher, the community development director for the City of Tigard, said in prepared remarks that the new project will increase the area’s income diversity, provide more street-level retail activity and make the neighborhood more walkable.
INVESTING IN OPPORTUNITY ZONES
While The Overland is ScanlanKemperBard’s first Opportunity Zone project, Canyon has invested in four other projects since they were created through the Tax Cuts and Jobs Act of 2017.
In May, Canyon teamed up with American Capital Group by investing $25 million in a 239-unit community located in an Opportunity Zone in Lynnwood, Wash. A few months earlier, the company also invested $29.8 million into a 384-unit community in a Kissimmee, Fla., Opportunity Zone with Fore Property. Both projects are expected to complete around mid-2022.