HOUSTON – (Realty News Report) – Canyon Partners Real Estate has acquired a $45 million preferred equity stake in Drewery Place, a newly built 27-story multifamily tower in Midtown Houston.
The Class-A Drewery Place apartment building contains 357 residential units and approximately 11,000 square feet of street-level retail space. The project was developed in 2019 by Australian lifestyle developer Caydon Property Group.
Drewery Place is located at 2950 Fannin Street, between Drew and Tuam streets in Midtown.
Following completion of Drewery Place, Caydon’s next Midtown project is Fitzroy, a planned 32-story tower that will combine 191 condominiums with a 190-room boutique hotel to be operated by Kimpton Hotels and Restaurants.
Caydon expected to break ground on the Fitzroy in mid-2021 with the condominium tower scheduled for completion in late 2023. The 558,000-square-foot tower is planned as the second phase of a larger 2.5 million-square-foot mixed-use district that Caydon envisions across three city blocks—about 3.5 acres bounded by Main, McGowen, Fannin and Tuam—adjacent to Midtown Park. The development sits along METRORail’s Red Line, providing direct transit service to Midtown, which is emerging as a dense, walkable neighborhood between two of Houston’s largest employment centers: Downtown and the Texas Medical Center.
Other recent Midtown developments include Madison Marquette’s 30-story rental tower The Travis on Main Street. Camden Property Trust and The Morgan Group have also been active builders in the Midtown multifamily market.
Canyon’s transaction with Caydon, which closed in February 2021, was arranged 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 more than $26 billion in assets under management.
March 16, 2021 Realty News Report. Copyright 2021.
Caption: Drewery Place sits on Fannin Street between Drew and Tuam streets in Midtown Houston. Photo credit: Ralph Bivins, Realty News Report. Copyright 2021.
File: Canyon Partners Acquires Stake in Midtown Tower for $45 Million. JLL.
For more about Houston development, see the book Houston 2020: America’s Boom Town — An Extreme Close Up by Ralph Bivins. Available on Amazon.
File: Midtown Houston. Laneways. Caydon. Canyon Partners Acquires Stake in Midtown Tower for $45 Million. JLL Capital Markets. METRORail. Drewery Place. Fitzroy. Kimpton.