Former JCR Capital Founder Launches New Real Estate Fund with Arizona Acquisition

Whats Happening:

Canopy Real Estate Partners, a new private equity fund launched by former JCR Capital founder Jay Rollins, has acquired ParkView Townhomes in Surprise, Arizona for $8.8 million. This marks the fund's first investment in Arizona and its fifth overall acquisition. The newly constructed 27-unit townhome property will begin a nine-month lease-up process with rents starting around $2,100 per month.

Key Moves:

• Canopy Real Estate Partners acquires ParkView Townhomes for $8.8 million

• The fund partners with TBBG Investments for property management

• Canopy targets middle-market assets of $50 million or less

By The Numbers:

• 27-unit townhome property with average 1,420 square feet per unit

• Rents starting at around $2,100 per month

• Canopy's Fund I expected to be fully invested by late 2025 or early 2026

Key Quotes:

• "We're particularly excited about its location adjacent to the Civic Center and Texas Rangers Spring Training Campus, which makes it an attractive offering in a growing market," said Jay Rollins.

• "After over three decades of successful investing in middle market real estate, we're very familiar with investing through cycles and how to value real estate. At Canopy, we have a people-first approach," Rollins explained.

• "The next 24 months will be one of the best real estate buying opportunities in decades, particularly in the middle market," said Rollins.

Bottom Line:

Canopy Real Estate Partners' acquisition of ParkView Townhomes marks its entry into the Arizona market and demonstrates its strategy of targeting middle-market assets and partnering with emerging real estate talent. The fund's focus on value-add opportunities in the $50 million or less range positions it to capitalize on what it sees as a significant buying opportunity in the coming 24 months.

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