Alvista Pembroke Landings - Pembroke Pines, FL
July 19, 2011
Phoenix Realty Group Acquires $23-Million Apartment Community to Improve Workforce Housing for Greater Los Angeles
- Pomona, Calif., location offers exceptional access to transit and employment centers around greater LA and the Inland Empire
LOS ANGELES — Phoenix Realty Group (PRG) has acquired the $23-million Pine Club Apartments in Pomona, Calif., a 220-unit apartment community nestled amid dozens of mature pine trees surrounding 10 buildings. Pine Club Apartments is on the eastern border of Los Angeles County, minutes from Interstate 10 and adjacent to the Metrolink commuter rail station, which provides commuters with direct access to downtown LA. Offering full amenities including pool, spa, tennis courts, fitness center and picnic areas, the community serves employees from several hospitals and various industrial firms in the region, as well as employees and students from Cal Poly Pomona.
“We have a strong outlook for the Southern California rental markets in and around the greater Los Angeles area,” explained Edward Ratinoff, PRG managing director and head of national acquisitions. “In the past year we have made severseveral opportune investments in the region, acquiring nine communities representing more than 1,700 apartments that are affordable to middle-income residents,” he added.
According to PRG managing director Alex Saunders, the project had an existing Fannie Mae adjustable loan that was converted at closing to a fixed-rate mortgage for seven years at a favorable rate of 4.5 percent. “Our previous transactions with Fannie Mae and our experienced underwriting team helped to close this deal on such beneficial terms,” Saunders said. PRG intends to embark on a $1-million renovation program over the next six months to fully update several of the existing amenities and improve the overall operations of the property.
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.