PHOENIX — A townhome community in Mesa is under new ownership after investment firm Canopy Real Estate Partners purchased the 36-unit property for $13.39 million.
CJ Townhomes, which is being rebranded as The Sonoran Townhomes, includes three-bedroom townhomes with two-car garages attached, as well as a pool, spa, outdoor gathering spaces and private yards.
It’s located at 3426 E. University Dr., with its 36 units spanning 61,670 square feet in total.
According to a release, the acquisition was available to Canopy because of construction cost overruns and debt accumulations that weighed down the previous owners’ capital stack despite 95% of the property being leased.
“This is a high-quality, newly built asset in one of the strongest rental submarkets in the Phoenix area,” Canopy co-founder Jay Rollins said. “We’re seeing opportunities to acquire assets like this at attractive pricing due to capital market pressures brought on by increased market rates and a lack of equity capital in the middle market.”
The investment is part of a $75 million allotment called Canopy Fund I, which focuses on middle-market multifamily, industrial and retail real estate across the western region.
Canopy previously invested nearly $9 million in a 27-townhome community in Surprise in April 2025.
