Canyon pays $34M for Pompano apartments, plans overhaul
The Canyon Multifamily Impact Fund just made its entrance into South Florida real estate with the off-market purchase of a Pompano Beach apartment complex for $34.16 million.
The deal includes a 402-unit multifamily community called the Palm Island Apartments. It’s split into 12 two-story buildings totaling 285,920 square feet, at 500 Northwest 34th Street.
Broward County property records show the seller is an affiliate of Tamarac’s Genet Property Group, which is headed by Benjamin J. Genet. The company paid $10.5 million for the apartments in 2010, which means they made nearly $24 million.
The impact fund is a joint-venture between Citi Bank’s community development lending division and Canyon Partners Real Estate, the property investment arm of the Canyon Partners hedge fund based in California.
It supplies workforce housing throughout the United States by purchasing and managing multifamily properties. Its current holdings include six properties with 2,746 units, according to a press release. Most of those are located in Illinois and California, though the venture’s holdings now include South Florida.
Now that the purchase has closed, Canyon said it plans to spend several million dollars on renovations, security and creating community programs for education and healthcare, according to a press release.
“We look forward to seeing the positive impact this investment will make on the lives of the residents,” Richard Gerwitz of Citi Community Capital said in a statement. – Sean Stewart-Muniz