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Phoenix Realty Group Expands Executive Team

NEW YORK (December 14, 2020) – Phoenix Realty Group (PRG), a 20+ year old national multifamily real estate owner, operator, fund manager and developer, is pleased to announce that Henry Gom, a seasoned real estate executive, has joined the firm as Managing Director and Principal.

Henry is responsible for PRG’s Central Region and select markets acquisitions, and asset management. In addition to his responsibilities, Henry is a member of the PRG Executive Team and Investment Committee.

“Even during the current market turbulence, there are incredible opportunities for growth,” emphasized Keith Rosenthal, president and CEO of Phoenix Realty Group. “the breadth of experience that Henry brings to this position will not only expand our acquisitions capabilities in a variety of US markets, it will solidify our national footprint by capturing assets that will drive our continued growth.”

Henry has over $10 billion of commercial real estate experience in multifamily, office and hotels. His multifamily experience spans over 35,000 units. Prior to joining PRG, Henry was a Senior Vice President at Torchlight Investors, Director at Annaly Capital Management, Citi and Merrill Lynch. Before his real estate finance career, Henry was an architect overseeing construction at Skidmore, Owings & Merrill. He is active in the Real Estate Alumni Community at Columbia Business School and member of the National Multifamily Housing Council.

In addition, PRG has promoted two long-tenured employees, Alex Saunders and Alan Hirmes, by welcoming them as Principals. Both were previously and will continue to be members of the Executive Team and Investment Committee. Alex leads the firm’s western region acquisition activities and was one of the original co-founders of the firm’s LA office in 2003. Alan is a Managing Director and the firm’s Chief Financial Officer. He joined PRG in 2007 and is responsible for the firm’s financial and accounting initiatives.

PRG’s executive team is also comprised of Keith Rosenthal, President and CEO, and Ron Orgel, Managing Director, Principal and Head of East Coast acquisitions. Keith and Ron are founding owners of PRG and are members of the Investment Committee.

PRG’s Executive Team has on average nearly 30 years of successful experience in multiple economic and real estate cycles and a track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.

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About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 20+ year old firm focused on multifamily residential properties in high barriers-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-add, new construction, and affordable housing. As of June 30, 2020, PRG has approximately $1.5 billion of gross real estate assets under management.

NEW YORK (November 19, 2020) – Phoenix Realty Group (PRG), a national multifamily real estate owner, operator, and fund manager, has announced its latest property acquisition in Winter Park, Florida purchased through an affiliated entity and with third party partners. The Class B multifamily garden style property has been renamed Alvista Winter Park and consists of 288 units on more than 26 acres with amenities including a pool, fitness center, clubhouse, jogging track, and tennis, basketball and volleyball courts. PRG will operate the rental community and plans to renovate, upgrade, and modernize the property to offer an attractive option for residents.

Alvista Winter Park was built in 1986 and offers one- and two-bedroom units featuring vinyl plank flooring, breakfast bar, walk-in closets, patio/balcony, dining room, celling fans, and in select units, washer/dryers and energy efficient appliances. The prior owners completed major improvements such as new roofs, exterior façade repairs and repainting all buildings, in addition to renovating some of the units. Consistent with its value-added strategy, PRG’s business plan is to renovate a majority of the unrenovated units, install washer/dryers in all units, and enhance and improve the amenity offerings. PRG expects to receive a rental premium for the units it plans to upgrade.

Winter Park is in the Orlando metro area with excellent connectivity to the major employment centers in metro Orlando and its suburbs. The property also benefits from being less than one mile from Full Sail University, a private, for-profit university. The university offers online and in-person programs in entertainment, media, arts and technology with an enrollment of 18,000+. Many students are residents at the property. “Winter Park is in an attractive location within the Greater Orlando market, a geography PRG has been investing in and targeting for many years,” said Ron Orgel, Managing Director and Head of East Coast Acquisitions at PRG. “Given PRG’s value-added experience and knowledge of the Orlando market, we have developed a compelling renovation program to improve the amenities and apartments and ultimately seek to increase the overall value of the property.”

“Although COVID-19 has temporarily impacted the tourism/hospitality industry in Orlando, the property is located in the northeast section of the metro area so is less impacted by these industries,” said Keith Rosenthal, President. “We believe the property’s proximity to a large university, multiple healthcare centers and limited new development positions it well for continued growth. In addition, multifamily in Florida is poised to benefit from in-migration, no state income tax and excellent weather, positive trends which lead to an increased need for housing.”

With this acquisition, PRG now owns five properties in Florida totaling more than 1,400 units.

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About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 20+ year old firm focused on multifamily residential properties in high barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-add, new construction, and affordable housing. As of June 30, 2020, PRG manages approximately $1.5 billion in gross real estate assets under management.

Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator headquartered in New York City, is pleased to announce it is partnering with Rainbow Housing Assistance Corporation to create a relief fund to support the residents of its properties.

Since the COVID-19 pandemic has severely impacted many of the residents living at the properties owned by PRG, the firm created the Alvista Communities Valued Neighbors Relief Fund (Alvista Communities® is the brand through which PRG operates many of its properties) to provide cash grants to residents of PRG owned and operated properties that have lost their jobs during the pandemic. This grant provides funds to residents to help their families cope with this crisis. PRG, along with its generous investors and partners, have committed $180,000 toward the relief fund.

“Unfortunately, many of our residents have been impacted by unemployment, furloughs or reduced hours,” said Ron Orgel, PRG’s co-founder, managing director and head of east coast acquisitions. “During these unprecedented times, we wanted to alleviate some of their hardships and support our residents.”

PRG engaged Rainbow Housing Assistance Corporation, a non-profit which provides service-enriched housing programs for residents of rental housing communities throughout the country. Rainbow Housing collected the charitable contributions and disbursed the funds directly to residents.

As part of its multifamily strategy, PRG strives to improve the experience of its residents by renovating apartment units and common areas and enhancing amenity offerings. The establishment of the relief fund continues this effort of supporting residents and enhancing their daily life.

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About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 20-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-added, new construction, and affordable housing. As of December 31, 2019, PRG had approximately $1.5 billion in gross real estate assets under management.

About Rainbow Housing Assistance Corporation

Rainbow Housing Assistance Corporation (www.rainbowhousing.org) is a nonprofit organization that provides service-enriched housing programs for residents of rental housing communities throughout the country. Rainbow seeks to create and preserve quality, affordable housing for families and individuals of diverse ethnic, social, and economic backgrounds.

NEW YORK (January 27, 2020) – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator headquartered in New York City, has completed over $700 million of investment activity in the fourth quarter. The investment activity included the purchase of four properties totaling approximately $219 million, the financing of two development projects totaling $305 million, and the disposition of the final two properties in a 16-property, 3,800-unit Class B multifamily value-added portfolio through a series of separate transactions.

PRG acquired the 16-property portfolio in 2015. The combined sales price of the 16 properties exceeded $800 million.

“We are thrilled with the outcome of this disposition,” said Keith Rosenthal, PRG’s president and co-founder. “We successfully repositioned, renovated and improved operations at these properties which was consistent with our strategic value-added goal for the portfolio.”

PRG’s primary investment strategy is to acquire underperforming Class B multifamily value-added properties and transform them into more valuable assets in growing, higher barrier-to-entry markets. This often means that PRG and its partners undertake significant and extensive interior and exterior renovations to upgrade the property with contemporary amenities and finishes, and put into place systems and staff in an attempt to reduce costs and increase the net operating income.

PRG continues to be an active multifamily value-added buyer. In the fourth quarter of 2019, PRG acquired four properties in Bowie, Maryland (Washington, DC metro area), Gresham, Oregon (Portland metro area) and Kent, Washington (Seattle metro area). The properties total nearly 1,000 units and an aggregate purchase price of $219 million. They were purchased by an affiliated entity of PRG and third-party joint venture partners.

According to Alex Saunders, Managing Director of PRG responsible for Western Region acquisitions, “The strategy for these properties is consistent with our focus on underperforming apartments in strong markets. As the operator, we will renovate the units and common areas, enhance the amenity offerings and improve operations to try to increase value and provide a better living experience for the residents.”

In addition to its value-added strategy, PRG will be partnering with Artimus Construction to commence construction on the development of a $240 million mixed-income rental apartment tower in Queens, New York with 543 units. As reported by The Real Deal, this was the sixth largest real estate project in New York City to file building plans in 2018.

As a result of the acquisitions, PRG currently owns properties in Connecticut, New York, New Jersey, Maryland, North Carolina, Florida, Louisiana, Arizona, Colorado, California, Oregon and Washington.

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About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 20-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: valueadded, new construction, and affordable housing. As of December 31, 2019, PRG has approximately $1.4 billion in gross real estate assets under management.

SEATTLE & NEW YORK (January 13, 2020), – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, and operator, and joint venture partner Hanover Real Estate Investors (HREI), purchased two multifamily apartment communities in Kent, Washington, called Lake Meridian and Royal Firs through an affiliated entity, at a combined purchase price of $79 million. Located in the Seattle metro area, the two properties were owned by the same individual and were purchased as a portfolio. PRG will operate the rental communities and plans to renovate, upgrade, and modernize the properties to offer an attractive option for tenants in the area.

“Seattle is an important target market for growth for PRG”, said Keith Rosenthal, PRG’s president and co-founder. “Given the strength of the local economy, wide-ranging outdoor activities and the presence of employers such as Boeing, Amazon and Microsoft, it is a compelling region for renters of all ages. We expect to acquire additional properties in the Seattle market over time.”

Totaling a combined 361 units, both communities offer amenities which include a leasing center, fitness center, pool, tot lot and covered parking. In addition to seeking to generate a rental premium by renovating units and common areas, the venture believes there is substantial upside in operational efficiencies. The properties will be rebranded under PRG’s proprietary brand, Alvista Communities®, with Lake Meridian being renamed Alvista Lake Meridian and Royal Firs being renamed Alvista 240.

Located approximately 30 minutes from downtown Seattle, Kent has a population of more than 125,000 people and upwards of 60,000 employers. Both communities are accessible to highways, acting as a commuter suburb to the Sound Region’s largest employers, like Boeing in Renton, and tech hubs in downtown Seattle and Bellevue, all approximately 20 miles from the properties.

“The strong population growth of the Seattle market coupled with limited supply in the Kent submarket solidified our decision to partner with PRG,” said Ash Baraghoush, senior director with HREI. “PRG’s experience in renovating and repositioning assets will create significant risk-adjusted returns for the venture.”

Lake Meridian is located five miles east of Kent Station, an open-air urban village in the heart of downtown Kent. It contains a transit station, retail, shopping and dining options across the street from Lake Meridian Park, which features a 150-acre lake with swimming, boating, fishing and picnic areas. Royal Firs is located two miles east of Kent Station and less than one mile from the Clark Lake Park, which offers a wide range of outdoor amenities.

“We are excited to acquire our first two properties in the Seattle area”, said Alex Saunders, managing director and head of west coast acquisitions. “The units and common areas are in original condition which means that PRG has a blank canvas to transform the properties, improve the overall experience for residents and generate value for our investors.”

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About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 20-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: valueadded, new construction, and affordable housing. As of December 31, 2019, PRG has approximately $1.4 billion in gross real estate assets under management.

About Hanover Real Estate Investors

Hanover Real Estate Investors LLC (www.hanoverrei.com) is a fully integrated real estate investment management company providing joint venture equity to developers and operators to facilitate the development and value add of multifamily properties on the West Coast. The firm is headquartered in Palo Alto with offices in San Francisco and Los Angeles.

NEW YORK / NAPLES, FLA. / NORTH LAUDERDALE, FLA. (April 1, 2019) – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, purchased two properties through affiliated entities, one on the east coast of Florida and one on the west coast, in the fourth quarter of 2018. Both properties were purchased with third party partners. Sabal Key, a 200-unit Class B multifamily apartment community in Naples, and Parrots Landing, a 408-unit Class B multifamily apartment community in North Lauderdale, will expand PRG’s presence in the state. PRG will operate both rental communities and plans to renovate, upgrade, and modernize the properties to offer an attractive option for tenants. Debt financing for Sabal Key was arranged by CIT Bank and by Berkeley Point Capital (now known as Newmark Knight Frank) for Parrots Landing.

Sabal Key will be rebranded Alvista Golden Gate under PRG’s proprietary brand, Alvista Communities®. The property was built in 1988 and comprises 25 two-story buildings on a 17.3-acre site. The attractive community offers several amenities, including a swimming pool and sundeck, a clubhouse, two lake-front decks, and a dog park. At the time of the sale, 21 units were unoccupied due to storm damage. Those units will be renovated and receive a rental premium for the upgrade.

“We believe there is significant upside to increase rents through the renovation of the down units, implementation of a comprehensive unit renovation plan, amenity upgrades, and operational and rent management improvements,” said Ron Orgel, managing director of acquisitions for PRG’s eastern United States region. “The previous owners had upgraded only three units, leaving a significant opportunity for us to renovate and enhance most of the remaining units.”

Orgel also emphasized the prime location of the property. “Sabal Key is within minutes of Interstate 75; beautiful white-sand beaches; upscale shopping; health care, government, and tourism employment centers; public and private golf courses; and a plethora of public recreational amenities.”

The property sits across the street from the Golden Gate Community Park, which features a large fitness center, a pool with water slides, athletic fields, a playground, and a large dog park.

Parrots Landing was rebranded Alvista Lauderdale and is consistent with PRG’s strategy to purchase larger apartment communities that offer competitive amenities in their respective markets. The property, built in 1986, comprises 17 three-story walk-up buildings on a 22-acre site with two swimming pools, a clubhouse and fitness center, tennis court, and picnic areas.

“PRG believes significant upside exists through the implementation of a comprehensive in-unit renovation plan, amenity upgrades, introducing typical charges for utilities, exterminator fees, admin fees, etc., and operational and rent management improvements,” said J. Michael Fried,
CEO and founder of PRG.

Located in the Miami-Fort Lauderdale-West Palm Beach metro area, the location offers convenient access to Broward County employment centers, 9 miles northwest of Fort Lauderdale and 12 miles southwest of Boca Raton. PRG also owns a nearby property, Alvista Pembroke Landings, in Pembroke Pines, Florida.

“Parrots Landing was ideal for our multifamily value-added strategy,” Fried said. “The previous owner didn’t upgrade amenities or apartment units, other than installing vinyl plank flooring in some units. We have an overall renovation program to improve the rental marketability of the apartments and the value of the property.”

With the acquisitions, PRG now owns five properties in Florida totaling more than 1,400 units.

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About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 20-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-added,
new construction, and affordable housing. As of December 31, 2018, PRG has approximately $1.2 billion in gross real estate assets under management.

The property purchase will allow for a value-add redevelopment plan in the desirable Raleigh/Durham market

NEW YORK/Durham, NC – June 5, 2018 – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, purchased Beech Lake Apartments through an affiliated entity. The property, a 345-unit Class B multifamily apartment community, is located at 4800 University Drive in Durham, North Carolina. PRG will operate the rental community and plans to renovate, upgrade and modernize the property to offer an attractive option for tenants in the area. The property is expected to be rebranded Alvista Durham, utilizing PRG’s proprietary brand Alvista Communities.

“We are excited to expand our presence in North Carolina,” said Ron Orgel, managing director of acquisitions for PRG’s eastern United States region. “Durham is attractive to renters of all ages due to its affordability, location and moderate climate.”

Completed in 1987, the property comprises 30, 3-story walk-up buildings with open-air breezeways spread across a 37-acre site. The community offers amenities including a swimming pool and sundeck, clubhouse with fitness center, two tennis courts, lakeside gazebo and lake walking/running trail. PRG plans to continue with an improved interior unit renovation program, in addition to completing a number of common area capital improvements. Planned unit upgrades include faux wood flooring in all common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless appliances. Planned common area capital improvements include enhancing the existing amenity package by adding a dog park and dog wash station, outdoor kitchen and fire pit adjacent to the pool area, upgrading the pool area with new furniture and cabanas and converting the lakeside trail to an outdoor fitness trail. The repositioning plan is aimed at creating a contemporary standard for units and the amenities that meet today’s renters’ needs.

The property is located in the Raleigh-Durham-Chapel Hill combined statistical area (CSA) with convenient access to I-40 and U.S. Route 15. It is nearby major employers (including Research Triangle Park, a high-tech hub that is home to more than 200 companies such as IBM, GlaxoSmithKline plc and Cisco Systems, Inc.), many universities (including the highly ranked

Duke University and University of North Carolina – Chapel Hill) and retail and restaurants. In addition, the headquarters of Blue Cross and Blue Shield of North Carolina, totaling 650,000 square feet of office space and 4,000 employees, is directly across the street.

“The property’s location complements PRG’s strategy of purchasing larger assets that have the capacity for competitive amenity offerings,” said J. Michael Fried, PRG’s CEO. “It is located in a growth corridor proximate to prestigious universities and one of the east coast’s predominant technology hubs.”

The city of Durham is in Durham County, the Durham-Chapel metropolitan statistical area (MSA), and the Raleigh-Durham-Chapel Hill CSA. The Durham-Chapel Hill MSA has enjoyed continued economic and employment growth, with job growth of 2.4 percent over the last 12 months (through November), an unemployment rate of 3.9 percent and population growth of 2 percent per year since 2010.

The Raleigh/Durham metro area offers a thriving economy with many skilled and highly educated workers. Durham, in particular, has experienced a revitalization in recent years with new bars, coffee shops, restaurants and start-ups.

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About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is an 18-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-added, new construction and affordable housing. In its value-added strategy, PRG’s goal is to acquire, renovate and reposition Class B urban and suburban multifamily properties in primary and secondary metropolitan areas to increase both ongoing cash flows and overall property appreciation. As of December 31, 2017, PRG manages approximately $1.4 billion in gross real estate assets under management and over 8,000 apartment units across the U.S. PRG’s senior executives have on average nearly 30 years of successful experience in multiple investment cycles and a track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.

The property purchase will allow for a value-add redevelopment plan in a fast-growing Tampa submarket.

NEW YORK/Brandon, Fla. – February 15, 2018 – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, purchased Tuscany Villas Apartments through an affiliated entity. The property, a 248-unit Class B multifamily apartment community, is located at 1919 Sterling Palms Court in Brandon, Florida, a city in the eastern section of the Tampa metropolitan area. PRG will operate the rental community and plans to renovate, upgrade and modernize the property to offer an attractive option for tenants in the area. The property will be rebranded Alvista Sterling Palms, utilizing PRG’s proprietary brand Alvista Communities.

Completed in 1997 and previously financed with tax-exempt bonds, Tuscany Villas Apartments has a number of in-place amenities. In addition, 20 percent of the units are income- and rent-restricted to residents that earn less than 50 percent of area median income. PRG seeks to enhance the overall property experience for prospective tenants, including rebranding the property name, adding new signage and enhancing the existing amenity package. Planned unit upgrades include faux wood flooring in all common areas, new countertops, new kitchen cabinet doors and hardware and stainless appliances. The repositioning plan is aimed at creating a contemporary standard for units and the amenities that meet today’s renters’ needs.

The property is located in the growing Tampa metropolitan statistical area (“MSA”) with convenient access to I-75 (a main interstate that runs the entire length of the state of Florida) and nearby retail, recreation and entertainment. The area has been growing significantly faster than the national average with an unemployment rate of 3.3 percent which is significantly below the national average (according to the Bureau of Labor Statistics). In particular, Downtown Tampa is 15 minutes away with companies such as Bank of America, BB&T, PNC Financial Services, TECO Energy and Frontier Communications. The Port of Tampa is 10 minutes away and is one of the largest ports in Florida, handling millions of tons of cargo per year.

“After selling a large multifamily property in Tampa this summer, we are excited to maintain a presence in the local market” said J. Michael Fried, CEO of PRG. “We believe there is a significant opportunity to improve the property value and attract new tenants looking for state-of-the-art amenities and contemporary apartment units.”

Ron Orgel, managing director of acquisitions for PRG’s eastern United States region, emphasized the prime location of Tuscany Villas. “The Tampa metro area has enjoyed continued economic and employment

growth from the addition of thousands of jobs in the past few years. Not only is the property close to nearby, multi-generational employers, it is also proximate to restaurants, entertainment, retail and recreation.”

With a thriving economy, Tampa is an attractive area for Millennials and Baby Boomers due to the favorable climate, low crime, lack of major traffic, the proximity to water and vibrant music and nightlife.

As a result of this acquisition, PRG currently owns three properties totaling 850 units in Florida.

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About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is an 18-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-added, new construction and affordable housing. In its value-added strategy, PRG’s goal is to acquire, renovate and reposition Class B urban and suburban multifamily properties in primary and secondary metropolitan areas to increase both ongoing cash flows and overall property appreciation. As of December 31, 2017, PRG manages approximately $1.4 billion in gross real estate assets under management and over 8,000 apartment units across the U.S. PRG’s senior executives have on average nearly 30 years of successful experience in multiple investment cycles and a track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.

The purchase unveils a value-add redevelopment plan for the property which has direct access to 30 miles of Denver’s recreational trails.

Englewood, Colorado – June 21, 2017 – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased Silver Cliff Apartment Homes jointly with a third party family office and discretionary affiliated investment vehicles. The property is a 312-unit Class B multifamily apartment community located at 5275 S. Delaware St. in Englewood, Colorado, a city in the southern section of the Denver metropolitan area. PRG will operate the rental community and plans to renovate, upgrade and modernize the property to offer an attractive option for tenants in the area. In addition, the property will be rebranded with a new name (currently anticipated to be Alvista Trailside to reflect and promote the property’s direct access to the Big Dry Creek Trail) and signage. Alvista is PRG’s proprietary brand of apartment communities.

Completed in 1991, Silver Cliff Apartment Homes consists of nine two- and three-story garden apartment buildings, one clubhouse and one storage building occupying a 10.6-acre site. Unit configurations include 168 one-bedroom/one-bathroom units (54 percent) and 144 two-bedroom/two-bathroom units (46 percent). The property is located in the Denver metropolitan area, close to Greenwood Village, Colorado and Littleton, Colorado. Adjacent to the property are both ample retail and direct access to approximately 30 miles of bike and walking trails. Common amenities include a pool and sundeck, fitness center, playground and dog run. Units feature private patios/balconies and wood-burning fire places. The top floor units have vaulted ceilings and there are lofts in 23 percent of the units.

The property will undergo improvements in operations, enhancements to the on-site amenities, as well as upgrades to the apartment interiors through a value-added program. PRG seeks to enhance the overall property experience for prospective tenants, starting with rebranding the property name and adding new signage, upgrading the leasing center, modernizing the clubhouse and providing state-of-the-art fitness and cyber centers. The repositioning plan is aimed at maintaining a contemporary standard for units and the amenities that meet today’s residents’ needs.

“We are excited to expand PRG’s presence in the Denver metropolitan region and implement our capital improvement plan for the property,” said Keith Rosenthal, president of PRG. “We believe there is a significant opportunity to improve the property value, attract new tenants looking for state-of-the-art amenities and contemporary apartment units and execute on operating improvements and energy efficiency programs to create expense savings.”

Alex Saunders, managing director of acquisitions for PRG’s western U.S. region, emphasized the prime location of Silver Cliff Apartment Homes. “Not only is the property bounded by two affluent suburbs, Greenwood Village and Littleton, and near numerous parks, major retailers, employment centers and the RTD Light Rail, but a key feature is the property’s direct access to Big Dry Creek Trail, which leads to the entire Denver park system including Progress Park to the west and many miles of paved biking and walking trails.”

With a thriving economy, the unemployment rate in the Denver area is below the national rate and employment growth is expected to continue from 2017 to 2021, according to Axiometrics. The Denver metropolitan area is attractive to renters of all age groups, especially Millennials, due to a high quality of life from a wide range of employment, educational and recreational opportunities including good schools, numerous outdoor and sports-related offerings and an attractive climate which embraces snow in the winter and sunshine approximately 300 days each year.

As a result of this acquisition, PRG now owns more than 1,300 units in Colorado.

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About Phoenix Realty Group
Phoenix Realty Group LLC (www.phoenixrg.com) is a 17-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with investment and asset management personnel in California and Florida. The firm has three business lines: value-added, new construction and affordable housing. In its value-added strategy, PRG’s goal is to acquire, renovate and reposition Class B urban and suburban multifamily properties in primary and secondary metropolitan areas to increase both ongoing cash flows and overall property appreciation. As of March 31, 2017, PRG manages approximately $1.6 billion in gross real estate assets under management and approximately 10,000 apartment units across the U.S. PRG’s three founders have on average nearly 30 years of successful experience in multiple investment cycles and a track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.