…”As we saw this property, it had to be reimagined, it has to be changed,” said Michael Fried, owner of Phoenix Realty Group. Phoenix used an equity fund to purchase the property for $35 million from real estate investment trust, which was unloading it in a year-end sale for tax purposes, Fried said…
This is an excerpt of the article, “Old is In”, which appeared in the Long Beach Register on October 25, 2013.
“As we saw this property, it had to be reimagined, it had to be changed,” said Michael Fried, owner of Phoenix Realty Group.
Phoenix used an equity fund to purchase the property for $35 million from a real estate investment trust, which was unloading it in a year-end sale for tax purposes, Fried said.
The company has purchased and revamped more than 3,500 units in 15 multifamily properties in the western U.S., and has undertaken roughly a half-dozen projects similar to The Crossings endeavor in Los Angeles County over the past three years…
This is an excerpt of the article, “Old is in for Long Beach Rental Market“, which appeared in the The Orange County Register on October 25, 2013.
Phoenix Realty Group is on the verge of completing a roughly $4 million renovation project at an apartment complex that the firm acquired about two years ago.
The 237-unit complex — The Crossings at the Bay — is on Ximeno Avenue, north of Pacific Coast Highway. Phoenix acquired the complex in late 2011 at a time when the company was in the process of buying 15 Southern California apartment complexes from the coast to the Inland Empire, CEO J. Michael Fried said…
This is an excerpt of the article, “Phoenix Realty Group Renovates Long Beach Apartment Complex“, which appeared in the Press-Telegram on October 24, 2013.
…Apartment markets are undersupplied and vacancies are as tight as they’ve been in the last 15-20 years due to reduced homeownership coming out of the downturn, according to Keith Rosenthal, president and ceo of New York-based Phoenix Realty Group. “That [translates] to four million more renters in the country,” he said…
…Apartment markets are undersupplied and vacancies are as tight as they’ve been in the last 15-20 years due to reduced homeownership coming out of the downturn, according to Keith Rosenthal, president and ceo of New York-based Phoenix Realty Group. “That [translates] to four million more renters in the country,” he said…