New York, NY. CanAm Enterprises (CanAm) is pleased to announce that its private equity affiliate, CanAm Capital Partners (CACP), has successfully closed on the sale of The Reserve at Pinewood Village, a 190-unit apartment complex, located in Port Arthur, Texas. CACP acquired the land in 2015 and oversaw the entitlement, design, construction, and lease-up of the property. Lakewood, New Jersey-based AMBO Properties was the purchaser. CACP financed the property through the HUD 221(d)(4) loan program and with equity raised under CACP’s private-equity investment platform.

The Reserve at Pinewood Village was the first apartment project completed in the market in approximately a decade and is the market’s only true Class-A asset. Humphreys & Partners Architects designed the project and The Brownstone Group, based in Houston, was the general contractor. The property includes a resort style pool, 24-hour fitness center and clubhouse with conference room and business center and other amenities. The property opened in March 2020 and was fully stabilized at sale.

Port Arthur is situated at the heart of the Gulf Coast’s refinery and petrochemical complex and home to major companies including Motiva, ExxonMobil, Goodyear, and a host of other major petrochemical companies. Demand for housing in the market is driven primarily by the well-paying jobs at these facilities. “We selected the Port Arthur location to develop because we saw a unique demand vs. supply story,” commented John Reid, CanAm’s Project Development Director. “It is a market that’s off the radar for larger developers yet the demand drivers were tremendous, with major capital projects in the works at many of the local plants. There’s no apartment asset of this caliber in the market and the performance we achieved, culminating in this sale, proved the thesis and delivered excellent returns for our investors,” Reid said.

“The Reserve at Pinewood Village was one of the early projects we pursued under CanAm’s private equity platform,” added Tom Rosenfeld, CEO at CanAm Enterprises. “We’re proud to have delivered such excellent results for our investors. Our team did an outstanding job all around and delivered, despite the challenges we encountered during the process, including Covid-19 complications and unprecedented rain delays.”