Canopy Real Estate Partners, a commercial real estate investment firm, has acquired CJ Townhomes, a newly constructed 36-unit multifamily community in Mesa, Arizona, for $13.39 million.
The 61,670-square-foot, fully leased property was built in 2024 and consists of three-bedroom townhomes with attached two-car garages and private yards. Community amenities include a pool, spa and outdoor gathering spaces.
CJ Townhomes will be rebranded as The Sonoran Townhomes. The acquisition is part of Canopy Fund I, a $75 million fund focused on acquiring middle-market multifamily, industrial and retail properties across the Western states.
According to the company, the acquisition was the result of prior ownership distressed capital stack. Construction cost overruns and existing debt pressures contributed to the property being sold for a discount to replacement cost.
“This is a high-quality, newly built asset in one of the strongest rental submarkets in the Phoenix area,” said Jay Rollins, founder and managing director of Canopy Real Estate Partners. “We’re seeing opportunities to acquire assets like this at attractive pricing due to capital market pressures brought on by increased interest rates and a lack of equity capital in the middle market.”
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