Canopy Real Estate Partners has acquired CJ Townhomes, a 36-unit multifamily community in Mesa, for $13.39 million. Built in 2024, the property features three-bedroom townhomes with attached two-car garages, private yards, and community amenities including a pool, spa, and outdoor gathering spaces.
“This is a high-quality, newly built asset in one of the strongest rental submarkets in the Phoenix area,” said Jay Rollins, co-founder 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.” Rollins explained that this cycle features “capital stack distress,” rather than property-level distress, creating a unique buying opportunity.
Locally, the transaction was led by Canopy Arizona multifamily “Market Partner” TBBG Investments, which will oversee day-to-day operations and implement the asset’s business plan.
“Canopy’s model is highly differentiated in the middle market,” said Andrew Biskind, co-founder of TBBG. “They provide the capital, structure, and institutional oversight, while allowing us to focus on what we do best locally, which is sourcing, operating, and executing on the business plan.”
Now being rebranded as The Sonoran Townhomes, the 36-unit property totals approximately 61,670 square feet. Canopy expects the investment to generate steady in-place income while offering upside potential through rent optimization over the hold period. The acquisition is part of Canopy Fund I, a $75 million fund targeting middle-market multifamily, industrial, and retail properties across the Western United States, focusing on opportunities where pricing is influenced by financing conditions and limited liquidity.
Canopy Real Estate Partners specializes in value-add commercial real estate investments, applying institutional underwriting, asset management, and governance standards to middle-market multifamily, industrial, and retail properties across the Western United States. For more, visit canopyrepartners.com.
