LOS ANGELES/NEW YORK – March 18, 2014 – Phoenix Realty Group (PRG) (www.phoenixrg.com) a national multifamily real estate owner and operator, announced today it has formed a joint venture with PCCP, LLC (www.pccpllc.com) to acquire Newbury Village, a 180-unit multifamily property in Meriden, Conn. for $27.5 million. The property is being rebranded and renamed Alvista Willow Brook (www.AlvistaCommunities.com).
“Partnering with PCCP allows us to create value by applying our multifamily expertise to upgrade a property that, at its core, is a superior property in the market,” said Keith Rosenthal, president of New York based Phoenix Realty Group. “This garden-style multifamily community is well-positioned for solid growth given its location at the crossroads of three major highways, with ease of access to employment centers throughout Hartford and New Haven counties, which is a critical success factor.”
The property comes with a significant amenity package including a central clubhouse and leasing center, a fitness center, a heated outdoor swimming pool, significant indoor parking, elevator access, storage units for residents and in-unit appliances including washer/dryers. As part of the repositioning, the entire complex will undergo a series of improvements including new landscaping, new pool area décor, all new kitchens, and gym and clubhouse facilities.
PRG will be responsible for managing the operations of the 2005-vintage property; PCCP is providing approximately $8 million as the equity partner in the transaction.
“PCCP will be able to take advantage of PRG’s value-add expertise in the Northeast market, giving us an opportunity to buy an asset in a solid market with a great deal of upside potential,” said John Randall, senior vice president with PCCP.
Combined, the Hartford and New Haven markets house more than two million residents, effectively the second largest metro population in New England. Alvista Willow Brook is within a 30-minute commute to the city centers of New Haven, Hartford and Waterbury, with well-known institutions like Yale University and Yale-New Haven Hospital (the largest hospital in the state), and numerous major employers like United Technologies, Aetna and The Hartford Financial Services Group. The property is also just minutes from downtown Middletown and Wesleyan University.
Jeffrey Dunne and Patrick Carino of CBRE’s New York Institutional Group, in conjunction with Mike Stone of CBRE’s Hartford Multi-housing team, represented the seller, Winthrop Realty Trust (NYSE: FUR), in the transaction and procured the buyer.
About Phoenix Realty Group
Phoenix Realty Group is a national real estate owner and operator 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. PRG currently manages $1.5 billion in assets and 11,000 apartment units across the nation. PRG principals have invested in more than 1,000 multifamily properties representing approximately 130,000 apartment units and $12 billion in real estate over 30+ years.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About the CBRE New York Institutional Group
The CBRE New York Institutional Group (the “Group”) specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.