Real estate investment firm buys 36-unit Mesa townhome community for $13.4 million

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.

Related

Private equity firm buys Surprise 27-unit townhome community for $8.8 millionDemolition of Food City in Tempe makes way for affordable housing, grocery developmentSaddleback community in Peoria unveils debut model home collectionScottsdale developer DMB sells off 308 home lots in BuckeyeValley takes 4 of top 10 spots in ranking of best US cities for 1st-time homebuyersParadise Valley estate with shooting range, go-kart track sells for state record $40M