October 21, 2020
CanAm Capital Partners, a private equity investment firm affiliated with CanAm Enterprises, along with the Ben Barnes Group, is acting as sponsor in the $35.9-million development of a 220-unit multifamily rental apartment community in Lake Jackson.
CACP funded an additional $2 million of capital for the project, known as The Reserve at Lake Jackson, last week. Additionally, the project closed on a $29.3- million HUD loan under the FHA 221(d)(4) multifamily lending program.
“We were introduced to the Lake Jackson market by our partner, Ben Barnes, and were attracted to this investment opportunity because it’s ‘off the radar’ for most national developers but has strong employment dynamics with Dow and other major players in the petrochemical industry in the area,” said CACP director John Reid. “We saw a market with significant demand and an opportunity to build a multifamily product at a level of quality that has not been available.”
For comments, questions or concerns, please contact Paul Bubny