$45 Million: Canyon Partners secures Stake in Midtown Tower

HOUSTON, – Canyon Partners Real Estate has purchased a $45 million preferred equity stake in Drewery Place, a 27-story newly-built multifamily tower in Midtown Houston.

The Class-A Drewery Place apartment building is comprised of 357 residential units and 11,000 SF of retail space. The project was developed in 2019 by Australian lifestyle developer Caydon Property Group.

Drewery Place is located at 2950 Fannin, between Drew and Tuam streets.

Having completed the Drewery Place tower, Caydon’s next Midtown project is Fitzroy, a 32-story tower pairing 191 condominiums with a 190-room boutique hotel operated by Kimpton Hotels and Restaurants.

Caydon is expect to expected to break ground in mid-2021 and complete the Fitzroy condo tower in late 2023.The 558,000 SF tower will be the second phase of the 2.5 million SF multi-use district Caydon intends for three city blocks, about 3.5 acres bordered by Main, McGowen, Fannin and Tuam, and adjacent to Midtown Park. Caydon’s development is on MetroRail’s Red Line serving Midtown, an emerging district between Houston’s largest employment centers, Downtown and Texas Medical Center.

Another company, Madison Marquette, recently completed a Midtown residential rental project on Main Street, a 30-story tower called The Travis. Camden Property Trust and the Morgan company have also been builders in the Midtown multifamily market.

Canyon’s transaction with Caydon, which closed in February 2021, was facilitated by JLL Capital Markets. Based in Los Angeles, Canyon Partners Real Estate LLC is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $26 billion in assets under management.