LOS ANGELES—Canyon Capital Realty Advisors and Citi have come together to starts a real estate fund that will focus on multifamily workforce housing in underserved communities throughout the United States. Over the next several years, the Canyon Multifamily Impact Fund will acquire and manage up to $800 million in apartment communities. Investments will be between $20 million and $90 million.
“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, in a statement. “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.”
The fund will maintain CCRA’s triple bottom-line method, looking for assets that achieve sound financial returns, advance community development, and embrace environmental responsibility. The first step will be to identify and evaluate urban properties in California, Texas and Illinois.
Beyond acquisition, the fund will also implement physical upgrades and property management improvements on the properties acquired. The team also plans to set up education, healthcare and security programs that will serve both the residents and the surrounding community. Programs could include things like afterschool tutoring, employment assistance, community sports, and neighborhood watch.