JOINT VENTURE BUYS TWO MULTIFAMILY PROPERTIES IN CHICAGO AREA

CHICAGO AND ROLLING MEADOWS, ILL. — The Canyon Multifamily Impact Fund has acquired two apartment properties in the Chicago area. York Terrace, a 331-unit apartment complex on Chicago’s southside and the 662-unit Woodfield Crossing apartment community in Rolling Meadows will undergo a series of improvements during the next year. The Canyon Multifamily Impact Fund is a joint venture between Canyon Capital Realty Advisors and Citi Community Capital that addresses the need for higher quality workforce housing in underserved communities across the United States. The joint venture’s improvement program for York Terrace will focus on addressing deferred maintenance and creating new amenities, including a community multi-purpose room, gym, business center and laundry room. Canyon’s improvement program for Woodfield Crossing will include new roofs and more energy-efficient heating and plumbing systems.