Partners Prowling for Workforce Housing

According to CPExecutive, Canyon Capital Realty Advisors and Citi are partnering in a venture to acquire modular workforce housing in underserved areas across the country. Backed by $800 million, the Canyon Multifamily Impact Fund is targeting properties priced from $20 million to $90 million. “Amid increased housing costs across the United States, the need for quality workforce housing near employment centers is higher than ever,” said Dan Millman, principal at Canyon Capital. The fund will manage the properties. Harvard University’s Joint Center for Housing Studies informs MHProNews in 2001 there was a shortage of 2.4 million affordable units for low-income residents, but that number more than doubled to a 5.1 million unit shortage in 2010.

(Photo credit: PRWeb–Atco’s Pirate Cove Lodge–modular workforce housing in northern Canada)

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