By Angela Gonzales | Phoenix Business Journal
This newly built townhome in Surprise was never occupied when it sold through a short sale from the lender.
Denver-based Canopy Real Estate Partners has made its Phoenix debut with the purchase of a distressed multifamily property in Surprise. More purchases could be on the horizon.
The private equity firm paid $8.8 million in cash to an entity tracing to Next Generation Capital LLC for the newly built ParkView Townhomes at 16601 N. Parkview Place, according to Tempe-based real estate database Vizzda LLC.
The property was acquired through a lender assisted sale below the loan basis, said Jay Rollins, co-founder of Canopy Real Estate Partners.
“It was basically a lender sale in lieu of foreclosure,” he said.
The newly built, 27-unit townhome project was never occupied before the California developer ran into financial trouble with its construction loan, he said.
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