Month: March 2016

Hudson Valley Property Group and Phoenix Realty Group (PRG) have partnered to acquire, renovate and preserve 612 units of formerly at-risk Mitchell-Lama workforce housing apartments in the Bronx, New York, Keith Plaza and Kelly Towers. Keith Plaza is one of the first four preservation projects in the nation utilizing the Rental Assistance Demonstration (RAD) program, which included the issuance of a new, 20-year Section 8 Project-Based Rental Assistance (PBRA) contract.

This is an excerpt of the article “Firms Partner to Buy, Rehab Mitchell-Lama Housing” which appeared in Real Estate Weekly on March 16, 2016.

During the fourth quarter of last year, Santa Clara County accounted for nearly $800 million in multifamily transactions closed, including 83 multifamily transactions, totaling $371 million. Contributing to this volume was the sale of a 544-unit property for $158 million, purchased by Phoenix Realty Group. Alameda County is one of the fastest growing counties in California. As such, rapid rental rate growth is expected to continue.

This is an excerpt of the article “Multifamily Operators Highly Active in Two Bay Area Counties” which appeared in Inman SF Bay Area on March 8, 2016.

New York City-based Hudson Valley Property Group and Phoenix Realty Group have partnered to acquire the 311-unit, 30-story Keith Plaza at 2475 Southern Blvd. and the 301-unit, 17-story Kelly Towers complex at 2375 and 2405 Southern Blvd in the Bronx, New York.

The acquisition will preserve the 612 formerly at-risk Mitchell-Lama units and extend the affordability of those apartments for another 35 years. Keith Plaza is one of the first four preservation projects in the nation that is capitalizing on the Rental Assistance Demonstration program that included the issuance of a new 20-year, Section 8 Project-Based Rental Assistance (PBRA) contract.

This is an excerpt of the article “Two Bx Mitchell-Lama Towers Traded” which appeared in GlobeSt.com on March 4, 2016.