HOUSTON, TX – Canyon Partners Real Estate 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 prime retail space. The project was developed in 2019 by 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 is 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.
Canyon Partners Real Estate is the real estate direct investing arm of Canyon Partners, a global alternative asset manager with over $26 billion in assets under management. Over the last ten years, Canyon has invested more than $5.5 billion of debt and equity capital across approximately 200 transactions.

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MIAMI, FL – Lennar Corporation, one of the nation’s largest homebuilders, announced the formation of the Upward America Venture. The business will initially be capitalized with a total equity commitment of $1.25 billion led by Centerbridge alongside Allianz Real Estate and other high quality institutional investors. The platform will buy single family homes for rent in high growth markets across the United States. Including leverage, the venture will be positioned to buy over $4 billion of new single family homes and townhomes from Lennar and potentially other homebuilders.
Consistent with Lennar’s focus on making the single-family lifestyle available to a broader social and economic array of families, the venture focuses on making groundbreaking new homes affordable to households earning approximately the median income in each market.
Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, “The Upward America Venture continues Lennar’s vision of becoming an ESG driven homebuilding company by making our high quality homes not only available for sale but also for rent, with a part of the homes available with a rent to own option. The vehicle’s social focus provides a unique opportunity for families and individuals across the country to live in brand-new homes at an attainable price point, all without putting up a down payment. We have a distinct opportunity to make upward mobility in the housing market through this initiative.”
Mr. Beckwitt concluded, “This exciting new venture has an opportunity to scale at a pace we do not believe possible for competitors in the single family rental space, given its direct access to Lennar’s pipeline of over 300,000 owned and controlled homesites.”
“As the housing needs and demographics in the United States continue to evolve, we believe that the single family rental sector will continue to outperform. We are thrilled to partner with Lennar given their scale and capabilities to aggregate a geographically diverse portfolio of homes concentrated in some of the fastest growing markets in the country,” said William Rahm, Senior Managing Director and Global Head of Real Estate at Centerbridge.” Ally Heyburn, Principal at Centerbridge, added, “We are excited about this unique partnership in one of our highest conviction themes.”
Kirkland & Ellis LLP acted as legal advisor to Lennar, Simpson Thacher & Bartlett LLP acted as legal advisor to Centerbridge and Ropes & Gray LLP acted as legal advisor to Allianz Real Estate.

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ARLINGTON, VA – AHC Inc, one of the largest developers of mixed income housing in the region, selected Drucker + Falk to manage Serrano Apartments, a 280-unit high rise located along Columbia Pike in Arlington, VA.
Built in 1963 and bought by AHC in 2015, Serrano boasts some of the largest and most unique floor plans in the market and has long been a fixture in the Arlington Heights neighborhood where substantial urban revitalization and new development is currently underway.
Drucker + Falk could not be more pleased or committed to assume management of Serrano Apartments and to work with owners, residents, local government and community organizations in making Serrano a heralded and highly desirable workforce housing alternative for the residents of Arlington,” said Wendy Drucker, Managing Director, Drucker + Falk.
In selecting Drucker + Falk to manage Serrano, Stephen Smith, Executive Vice President, AHC Inc. pointed to Drucker + Falk s decades long history of professional multifamily management, local market and affordable housing experience and their nationally recognized and award-winning passion and commitment to making an brilliant living experience for residents.
Drucker + Falk Multifamily Director, Andrew Chisholm, and Regional Property Manager, Sabrina Gendreau will oversee the property and work directly with the Serrano site team and AHC Inc.
Following a year in which the world around us limited personal and social interactions, we are beyond excited at the prospect of working with committed owners and our site teams to do interior and exterior property improvements, re-imagine and re-open amenities, engage with our residents and build a strong and vibrant community, said Gendreau.

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