Canopy Real Estate Partners acquires 36-unit townhome community in Mesa for $13M

Canopy Real Estate Partners has acquired the multifamily community CJ Townhomes in Mesa for $13.39 million.

The property, built in 2024 at 3426 E. University Drive, consists of three-bedroom townhomes with attached two-car garages and private yards, along with amenities including a pool, spa and outdoor gathering spaces, it states in a release.

Locally, the transaction was led by Canopy Arizona multifamily “market partner” TBBG Investments. TBBG will oversee the day-to-day operations and execute the asset’s business plan as part of its ongoing partnership with Canopy.

“This is a high-quality, newly built asset in one of the strongest rental submarkets in the Phoenix area,” Canopy Real Estate Partners co-founder Jay Rollins said in the release. “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.”

CJ Townhomes, now being rebranded as The Sonoran Townhomes, includes 36 units totaling approximately 61,670 square feet.

The acquisition is part of Canopy Fund I, a $75 million fund focused on acquiring middle-market multifamily, industrial and retail properties across the Western U.S.

For information, visit canopyrepartners.com.