Month: November 2011

…Built in 1976, the garden-style apartments offer residents two pools, a spa, fitness centre, clubhouse, playground and picnic areas that will be upgraded as part of a USD2.8-million improvement package over the next two years, according to Edward Ratinoff, PRG managing director and head of national acquisitions.

“Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets. It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing,” says Ratinoff…

…”Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets,” says Edward Ratinoff, managing director and head of national acquisitions at Phoenix. “It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing.”

The 1976 built community consists of 32 buildings situated on 11 acres. Common amenities include two pools, a spa, fitness center, clubhouse, playground and picnic area.

…The high rate of residential foreclosures in the Inland Empire is one factor that makes apartment investment attractive in the region, according to managing director Edward Ratinoff. The region remains flooded with homes built prior to the 2007 credit freeze, in addition to thousands of homes that have entered the market through foreclosure.

Phoenix is not worried by the threat of so-called “shadow inventory,” or the high number of single-family homes for rent that could undermine the demand for apartments, however.

“Just because a house is for rent doesn’t meant that an apartment renter will immediately opt for a house instead of an apartment,” he says. “A family might want a house, but a single person might prefer an apartment,” he says. “Even if the rent is the same, a single person may not want all that responsibility for maintenance of a single family home,” he adds…

Located in Upland, Calif. near schools and parks, the 32-building community offers rents affordable to area workforce

LOS ANGELES – Phoenix Realty Group (PRG) has acquired the $29-million Portofino on the Park Apartments in Upland, Calif., a 235-unit apartment community spread across 32 buildings on 11 acres with easy freeway and commuter rail access to downtown Los Angeles, Orange County and the Inland Empire. Built in 1976, the garden-style apartments offer residents two pools, a spa, fitness center, clubhouse, playground and picnic areas that will be upgraded as part of a $2.8-million improvement package over the next two years, according to Edward Ratinoff, PRG managing director and head of national acquisitions.

“Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets. It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing,” said Ratinoff.

“We see a great deal of upside potential in a location adjacent to major shopping, parks, schools, employers and the prestigious Claremont Colleges,” according to PRG managing director Alex Saunders, who pointed out that the firm’s portfolio of rental properties in the Inland Empire is currently 95 percent leased. PRG has purchased 10 apartment communities with 1,960 units in Southern California since late 2010 for a total investment of approximately $216 million in Los Angeles, Orange, Riverside and San Bernardino counties.

NOTE TO EDITORS:  Photos of Portofino on the Park Apartments are available at the following links:

www.phoenixrg.com/images/email/20111117/PRG-portofino-01.jpg
www.phoenixrg.com/images/email/20111117/PRG-portofino-02.jpg

 

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Phoenix Realty Group is a national real estate investment manager and direct owner providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income tax-credit housing, and mixed-use and commercial projects in urban areas across the United States. The vertically integrated firm maintains extensive fund management, underwriting, development, construction management and asset management capabilities. PRG has attracted investments from America’s leading public pension funds, banks and insurance companies, with discretionary funds that invest in opportunistic and value-added real estate ventures. The firm currently manages investments representing $2 billion in real estate development and acquisitions.

… Phoenix Realty Group has acquired the 255-unit Portofino on the Park complex in this city for $29 million. The purchase enlarges the multifamily holdings of the Los Angeles-based investor, which currently owns about 2,500 apartments in the Inland Empire…

…The high rate of residential foreclosures in the Inland Empire is one factor that makes apartment investment attractive in the region, according to managing director Edward Ratinoff.

…People who have sold their homes or lost them through foreclosure may also become renters at Portofino, according to Ratinoff. “There’s a fair number of people who have lost their homes and still want to live in the area for the schools,” he says…

… Phoenix Realty Group has paid $29 million, or $123,400/unit, for the 235-unit Portofino on the Park apartment complex in Upland, Calif., which is east of Los Angeles in San Bernardino County.

The New York investment manager plans to spend another $2.8 million to renovate the complex at 850 North Benson Ave., which was built in 1976. The garden-style property includes two swimming pools, a spa, fitness center, clubhouse and playground…

• Located in Upland, Calif. near schools and parks, the 32-building community offers rents affordable to area workforce

LOS ANGELES – Phoenix Realty Group (PRG) has acquired the $29-million Portofino on the Park Apartments in Upland, Calif., a 235-unit apartment community spread across 32 buildings on 11 acres with easy freeway and commuter rail access to downtown Los Angeles, Orange County and the Inland Empire. Built in 1976, the garden-style apartments offer residents two pools, a spa, fitness center, clubhouse, playground and picnic areas that will be upgraded as part of a $2.8-million improvement package over the next two years, according to Edward Ratinoff, PRG managing director and head of national acquisitions.

“Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets. It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing,” said Ratinoff.

“We see a great deal of upside potential in a location adjacent to major shopping, parks, schools, employers and the prestigious Claremont Colleges,” according to PRG managing director Alex Saunders, who pointed out that the firm’s portfolio of rental properties in the Inland Empire is currently 95 percent leased. PRG has purchased 10 apartment communities with 1,960 units in Southern California since late 2010 for a total investment of approximately $216 million in Los Angeles, Orange, Riverside and San Bernardino counties.

NOTE TO EDITORS:  Photos of Portofino on the Park Apartments are available at the following links:

www.phoenixrg.com/images/email/20111117/PRG-portofino-01.jpg
www.phoenixrg.com/images/email/20111117/PRG-portofino-02.jpg

 

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Phoenix Realty Group is a national real estate investment manager and direct owner providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income tax-credit housing, and mixed-use and commercial projects in urban areas across the United States. The vertically integrated firm maintains extensive fund management, underwriting, development, construction management and asset management capabilities. PRG has attracted investments from America’s leading public pension funds, banks and insurance companies, with discretionary funds that invest in opportunistic and value-added real estate ventures. The firm currently manages investments representing $2 billion in real estate development and acquisitions.