HOUSTON, TX – Canyon Partners Real Estate announced the purchase of a $ 45 million preferred stock position in Drewery Place, a newly constructed apartment building in Houston, Texas.
The Class A apartment building consists of 357 residential units and 11,000 square meters of first-class retail space. The project was developed in 2019 by the Australian lifestyle developer Caydon Property Group. The transaction, which closed in February 2021, was facilitated by JLL Capital Markets.
Drewery Place is conveniently located in Midtown and directly across from McGowen Station on the METRORail Red Line, which provides direct service to downtown Houston and the Texas Medical Center. The property offers 360-degree views of downtown Houston and the surrounding city, as well as luxurious finishes and coveted amenities, including a resort-style pool with swim-up bar, fitness center, animal park, sky lounge, and coworking spaces.
Drewery Place was the multi-family winner of the Houston Business Journal's 2020 Landmark Awards, which recognize outstanding Houston real estate projects.
This acquisition brings Canyon's real estate portfolio to a project capitalization of approximately $ 6.1 billion.
Canyon Partners Real Estate is the direct real estate investment arm of Canyon Partners, a global alternative asset manager with over $ 26 billion in assets under management. Over the past decade, Canyon has invested more than $ 5.5 billion in debt and equity in approximately 200 transactions.
Source: Canyon Partners Real Estate