ALAMEDA, CA – The Housing Authority of the City of Alameda (AHA) is breaking ground on a re-development project at Rosefield Village. AHA has owned Rosefield Village since 1956 and will oversee all aspects of the re-development. When construction is completed in mid-2022, the site density will have increased from 53 units to 92 units.
Located at 727 Buena Vista Ave., with convenient access to services and public transportation, Rosefield Village, is a mixed income family housing development that offers affordable housing options for Alameda’s low-income residents. In addition, Alameda Unified School District (AUSD) employees who earn 20% to 80% of the area’s median income will be eligible to apply to live in the apartments.
“By increasing site density at Rosefield Village, the Housing Authority can continue its mission of providing affordable housing options for Alameda’s low-income residents and the synergy with AUSD makes this project even more impactful for Alamedans.” stated Vanessa Cooper AHA Executive Director.
City of Alameda Mayor Marilyn Ezzy Ashcraft and Alameda County Supervisor Wilma Chan celebrated (virtually) the groundbreaking of Rosefield Village.
Funding sources for Rosefield Village include the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee, the City of Alameda HOME and CDBG Program, the County of Alameda A1 Bond Funds, a Bank of America construction loan, a Freddie Mac permanent mortgage services by Greystone Servicing Company, former redevelopment funds through the Alameda Unified School District, Housing Authority of the City of Alamedaloan funds, general partner equity investment from Island City Development, and limited partner equity investment from Enterprise Housing Credit Investments LLC. The General Contractor is JH Fitzmaurice Inc.

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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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