Canyon Buys 384-Unit Suburban Multifamily Complex
Canyon Partners Real Estate expanded its multifamily footprint in Chicago with the purchase of Parkway Commons (shown), a 384-unit multifamily development in suburban Carol Stream. Canyon Partners bought the property through its Canyon Multifamily Impact Fund (CMIF).
Parkway Commons consists of mostly one- and two-bedroom apartments in three-, five- and eight-story buildings on 22 acres. The 35-year-old development recently underwent an $11M renovation, and will be merged with the Preserve, a neighboring 285-unit complex.
Canyon now owns 2,009 apartments in the Chicago area. CMIF, a JV between Canyon and Citi Community Capital, provides multifamily housing to underserved communities across the country.