Canyon Partners Real Estate LLC (“Canyon”), has announced the acquisition of a $45 million preferred equity position in Drewery Place, a newly-built multifamily tower in Houston, Texas.
The Class-A apartment building is comprised of 357 residential units and 11,000 square feet of retail space. The project was developed in 2019 by Australian developer Caydon Property Group. The transaction, which closed in February 2021, was facilitated by JLL Capital Markets.
Drewery Place is in Houston’s Midtown neighborhood and is located directly across from McGowen Station on METRORail’s Red Line, which provides direct service to Downtown Houston and Texas Medical Center.
The property boasts 360-degree views of Downtown Houston and the surrounding city as well as luxury finishes and sought-after amenities, including a resort-style pool with swim-up bar, fitness center, pet park, sky lounge, and coworking spaces. Drewery Place was the Multifamily winner of the Houston Business Journal’s 2020 Landmark Awards which recognizes outstanding real estate projects in Houston.
This acquisition brings Canyon’s real estate portfolio to approximately $6.1 billion of project capitalization.