Category: News

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.

---

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.

---

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.

---

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.

---

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.”

---

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.

---

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.

---

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.

---

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.

# # #

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.

$88 Million Preservation Effort Keeps 42-Year-Old Mitchell-Lama Developments Affordable for an Additional 35 Years

 

New York, N.Y. – NYC Housing Development Corporation (HDC), NYC Department of Housing Preservation and Development (HPD), and US Department of Housing and Urban Development (HUD) officials joined the leaders of Hudson Valley Property Group, Phoenix Reality Group, and project partners at a ribbon cutting ceremony to celebrate the completion of a combined $15.3 million rehabilitation of 613 units of affordable housing across three HPD-supervised Mitchell-Lama buildings in the Belmont neighborhood of the Bronx.

Keith Plaza is a 31-story tower, including 311 units, indoor and outdoor community space and a two-level open deck parking garage with 152 accessory spaces. Kelly Towers consists of 302 units across one 17-story tower and one 18-story tower. Kelly Towers also offers indoor and outdoor community space, and a one level parking garage with 60 accessory spaces.

“Our preservation work is safeguarding the affordability of homes and neighborhoods, and ensuring the quality of our city’s critical infrastructure – housing – for generations to come,” said HPD Commissioner Maria Torres-Springer.  “Preserving the remaining stock of Mitchell-Lama housing is an important component of the housing plan, and this investment is paying off at developments like Keith Plaza and Kelly Towers.  HPD thanks HDC, Hudson Valley Property Group, and Phoenix Realty Group for bringing much-needed improvements and the security of extended affordability to more than 600 families.”

“The extensive rehabilitation and preservation of more than 600 units of housing at Keith Plaza and Kelly Towers demonstrates the successful public and private partnership needed to protect the affordability and quality of our critical Mitchell-Lama housing stock,” said HDC President Eric Enderlin.  “I would like to acknowledge and thank our many partners at HUD, HPD, Hudson Valley, Phoenix Realty Group, and Belveron Partners for all their hard work to preserve this vital affordable housing for The Bronx and New York City.”

The acquisition, preservation and renovation of Keith Plaza and Kelly Towers provided a unique and innovative financing solution to prevent the loss of 613 units of workforce and affordable housing from New York City’s valuable supply. 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. The contract provides subsidy to over 80% of the units. Both projects benefit from decoupled HUD Section 236 Interest Reduction Payments (IRP) that support the new financing.

“Today Keith Plaza joins nearly 25,000 affordable units nationwide renovated through HUD’s Rental Assistance Demonstration, with nearly 10,000 of those located in New York State,” said Mirza Orriols, HUD Deputy Regional Administrator for New York and New Jersey. “RAD has served as a lifeline for multifamily properties in need of refinance and repair, preserving long-term affordability and providing residents with the stable, quality housing we know is a gateway to opportunity.”

Both properties were built in 1975 under the Mitchell Lama Housing Program restricted to 125% AMI rents.  Mitchell Lama workforce housing properties are some of the most at-risk affordable housing properties in New York City. As mortgages mature on these properties, many owners elect to make them market rate or to sell to a market rate developer. The preservation of Keith and Kelly ensures that these properties will remain quality, affordable housing in the Bronx community for decades to come.

“These important preservation projects will ensure that working class families and retired seniors who reside here have a quality, affordable place to call home for years to come. We plan to follow the City’s lead and continue to work to preserve affordable housing throughout the five boroughs,” said Jason Bordainick, Managing Partner, Hudson Valley Property Group.

Financing was provided by the City of New York, including the New York City Housing Development Corporation and the New York City Department of Housing Preservation and Development, in addition to an equity investment provided by Belveron Partners and the developers Hudson Valley Property Group (HVPG) and Phoenix Realty Group (PRG).

“PRG is proud of its longstanding commitment to affordable housing. In supply constrained markets like the New York City metro area, the preservation of existing properties is critical to meeting the city’s needs for affordable housing,” said Ron Orgel, Managing Director at PRG. “We are excited about the completion of this project and wish the residents many years of happiness in their new homes.”

HPD and HDC restructured over $15.5 million of existing debt to contribute to the preservation and long term financial viability of the two project sites. HDC provided approximately $40 million in tax-exempt recycled bonds and an additional $7.7 million secured by 236 Mortgage Decoupling Interest Reduction Payments.

“The unwavering support of the multitude of New York agencies, Hudson Valley’s brilliant structuring, and Phoenix’s flawless execution; this was a herculean effort in which Belveron is fortunate to have invested.” said Louis A. Harrison, Partner at Belveron.  “I am delighted to play a small part in improving residents’ lives.”

The HDC loan for Kelly Towers benefitted from HDC’s Program for Energy Retrofit Loans (PERL), a partnership with the New York City Energy Efficiency Corporation (NYCEEC), a non-profit financier specializing in energy efficiency and clean energy.  Using PERL, Kelly Towers was able to invest $1.7 million in energy savings measures such as thermostats, weather stripping, insulation, and efficient lighting and appliances.

“We’re pleased that our partnership with HDC continues to support the City’s sustainability and affordable housing goals,” said Susan Leeds, CEO of NYCEEC.  “Kelly Towers is a terrific example of a how investments in energy efficiency can make financial sense and improve people’s lives in practical ways.”

The total development cost surpassed $88 million and the renovation cost exceeded $14 million. Key upgrades consisted of common area and unit renovations to improve resident comfort and safety. The common area renovations included extensive repairs to the parking garage, upgrades to the exterior landscaping and recreation areas, renovation of the lobby and building entrances, new flooring and painting in all common areas, a new trash compactor and a new security system. The unit renovations included new appliances, electrical fixtures, sinks, cabinets, and countertops in the kitchens, as well as new vanities, shower bodies, lavatories, GFI outlets, and tiling in the bathrooms.  Each apartment will also receive new electrical panels and new door hardware. Significant energy efficiency enhancements were also included in the project scope such as improved heating systems and new lighting.

 

---

 

About The New York City Department of Housing Preservation and Development (HPD)

The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York: A Five-Borough Ten-Year Plan to create and preserve 200,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class. For more information visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.

About The New York City Housing Development Corporation (HDC)

In 1971, the New York State Legislature created the New York City Housing Development Corporation (HDC) as a supplementary and alternative means of supplying financing for affordable housing that was independent from the City’s capital budget. The flexibility built into HDC’s authorizing statute allows it to amend its programs and goals in response to the changing economic climate. As a result, HDC has become the leading local housing finance agency in the nation, outperforming many of the nation’s largest banks in the volume and dollar amount of bonds issued. Since 2014, HDC has leveraged more than $4.5 billion in bond financing and devoted more than $480 million in direct subsidy from its corporate reserves to support Mayor de Blasio’s housing plan.

About Phoenix Realty Group

Phoenix Realty Group (www.phoenixrg.com) is a national real estate owner, operator, developer, equity investor and institutional investment manager focused on multifamily residential properties. Past acquisitions have included most components of multifamily real estate ownership: value-added, new construction, high-rise, garden style, mixed-use, mixed-income, suburban, urban, market rate and low income tax credit housing. PRG currently manages $1.6 billion in gross real estate assets under management and over 10,000 apartment units across the United States. 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.

About Hudson Valley Property Group LLC

Hudson Valley Property Group (www.hvpg.com) is a New York based owner and developer of affordable housing with multifamily holdings throughout the East Coast. The firm’s mission is to provide quality well-managed affordable and workforce housing to the communities it serves through investment in and rehabilitation of affordable housing. HVPG has specific focus and expertise in affordable housing solutions including government subsidy programs and innovative financing structures to preserve aged buildings at risk of losing affordability. HVPG takes a curated and flexible approach to working with management, development and government partners, always prioritizing the needs of the residents.

About Belveron Partners

Belveron Partners (www.belveron.com) is a privately held investment firm with a focus on preserving affordable and workforce housing across the United States. Our double-bottom-lined investment process has yielded positive results for both our investors and the communities we serve.

For years, it seemed the vast majority of housing subsidies—federal, state and city—went to affordable projects at the edges of our cities. At the same time, soaring land prices in city centers led to the development of high-priced rental and condo projects. Today, we are seeing a shift occur in which subsidies are helping to create more intelligent developments, giving renters of all incomes more choices.

Through public-private partnerships between government agencies, housing authorities, lenders, equity investors and developers, a new breed of mixed-income housing can result in not only meeting the needs of the entire renter population but creating better and more inclusive communities, while garnering a successful ROI for developers, owners and investors.

This is an excerpt of the article “An Unexpected Boost for Market-Rate Housing Development” which appeared on Commercial Property Executive on May 4, 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.

Phoenix Realty Group and Intercontinental Real Estate Corporation recently acquired The Bridge, a 544-unit multifamily property in Hayward, California.

“The Bridge hits on all cylinders with everything that we look for in a property. It represents a significant opportunity to improve apartment units to contemporary standards and create rent growth, while still offering a value to residents compared with newer construction,” said Keith Rosenthal, president of PRG. “In addition, it’s in a high barrier to entry/supply-constrained rental market surrounded by major employment centers.”

“We’ve established a program based on competitive investment strategies, which is proven through our continued relationship with Intercontinental,” said Rosenthal. “The Bridge is a primary example of our class B, high barrier-to-entry market focus, allowing us to further expand our presence in the Bay Area and California, and invest in a property type which we understand and do well with. We have no doubt that, with the planned improvements, we’ll be able to reach renters within the region who are looking for upscale amenities and contemporary unit interiors at a better value.”

This is an excerpt of the article “Multifamily Property Hits On All Cylinders For JV Buyers” which appeared on GlobeSt.com on Feb. 12, 2016.

HAYWARD, Calif. – Feb. 8, 2016 – The Bridge, a 544-unit multifamily property located in Hayward, California, has been purchased by a joint venture of Phoenix Realty Group (PRG), a national real estate owner, operator and fund manager headquartered in New York City, and Boston-based Intercontinental Real Estate Corporation, a national real estate investment, development and management firm. Located at 25800 Industrial Blvd., The Bridge consists of 29 two- and three-story buildings and is situated on a 22-acre site. Plans for the property, which was completed in 1986, include the implementation of a value-add repositioning effort to modernize the outdoor living spaces for residents and bring high-level finishes to the units.

“The Bridge benefits from a highly sought after long-term rental pool and strong employment market, with excellent access to major metros, including San Francisco, Silicon Valley and Oakland,” said Alex Saunders, managing director of PRG’s acquisitions group. “In addition, improved market conditions, coupled with limited land availability for future construction, make this a great opportunity for PRG to invest in a high barrier-to-entry market.”

Centrally located between downtown San Francisco, Silicon Valley and downtown Oakland, in the fifth largest metropolitan area in the country, the property is situated in close proximity to two Bay Area Rapid Transit (BART) stations and the San Mateo Bridge, which connect the property to the San Francisco peninsula. According to Axiometrics, within a 40 minute commute from The Bridge are a variety of employment centers, comprising more than 3.2 million jobs in industries including high-tech, healthcare, education and electronics. The submarket is supply-constrained, with no new rental units completed since 2014. Vacancy levels are tight and forecasted to become even tighter through 2020, as the area continues to add jobs at a projected rate of approximately 110,000 jobs per year.

The Bridge includes one-bedroom and two-bedroom units, which feature private patios and balconies, storage units as well as washer/dryers in select units. Amenities of the property include resort-style swimming pools and spas, a newly constructed clubhouse, fitness center and business center, a children’s play area as well as picnic and barbeque areas.

“We’ve established a program based on competitive investment strategies, which is proven through our continued relationship with Intercontinental,” said Keith Rosenthal, president of PRG. “The Bridge is a primary example of our Class B, high barrier-to-entry market focus, allowing us to further expand our presence in the Bay Area and California and invest in a property type which we understand and do well with. We have no doubt that, with the planned improvements, we’ll be able to reach renters within the region who are looking for upscale amenities and contemporary unit interiors at a better value than newly constructed communities.”

The new ownership will implement a value-add improvement program to enhance the property’s marketing appeal, provide Class A-style amenities and incorporate improved, attractive finishes and features in units.

“With The Bridge’s appealing mix of upscale amenities along with its proximity to major employment hubs in the Bay Area, this asset provides a key opportunity for us to meet the needs of the rental community by providing quality housing at competitive rents.” said Jessica Levin, Director, Acquisitions and member of Intercontinental’s Investment Committee.

The joint venture will retain PRG’s strategic partner and affiliate, ConAm Management, as property manager, which currently manages more than 50,000 units nationwide.

John McCulloch, ARA, A Newmark Company represented the buyer and undisclosed seller in the transaction. Trevor Fase of Walker & Dunlop arranged a loan assumption and supplemental loan for the acquisition.

PRG continues to actively invest in multifamily properties on the East Coast, West Coast and the Mountain States.

 

---

About Intercontinental

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, or owned over $10 billion in real estate property. Today, Intercontinental manages a portfolio in excess of $4 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. Visit www.intercontinental.net for more information.

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.

Phoenix Realty Group and Blackstone Real Estate Partners VIII acquired a 16-property multifamily portfolio for $570 million from two closed-end private equity funds managed by PRG. Properties within the portfolio span Southern California, Denver and south Florida.

The full article was originally published in the January 2016 issue of Western Real Estate Business, page 7.

“We already know these assets inside and out, which makes it a unique acquisition,” said Keith Rosenthal, president of Phoenix Realty Group, regarding the firm’s recent partnership with Blackstone Group’s Blackstone Real Estate Partners VIII to acquire a $570m portfolio of 16 multifamily properties located in Los Angeles, San Diego, Denver and Southern Florida.

“Blackstone was very attracted to the portfolio, and they also saw an advantage in partnering with us, [so] they made a winning offer in a competitive process … This portfolio is in our sweet spot, and [it allows us to] keep on doing what we do best.”

“This is our first deal [with Blackstone], but [it] is quite significant, and we’re excited to have the biggest name in the business as our valued partner,” Rosenthal said.

This is an excerpt of the article “Phoenix Sees Long Term Value in Class B Apartment Sector” which appeared in Real Estate Finance Intelligence on Dec. 2, 2015.

“Our core investment strategy focuses on acquiring multifamily properties to which we can bring institutional operating and management practices and better serve renter populations in key urban and suburban locations,” says Keith Rosenthal, president of Phoenix Realty Group, of the firm’s recent acquisition of a 16-property, 3,800-unit multifamily portfolio with Blackstone Real Estate Partners VIII, an affiliate of Blackstone, valued at approximately $570 million. “This transaction represented a prime opportunity for us to continue a compelling value added business plan in attractive, higher barrier-to-entry markets.”

Properties are located in the Los Angeles Metro, San Diego, Denver and southern Florida markets.

This is an excerpt of the article “Blackstone Adds to Growing MF Holdings” which appeared on GlobeSt.com on Dec. 2, 2015.

A partnership between Phoenix Realty Group and Blackstone Real Estate Partners VIII has acquired a $570M multifamily portfolio consisting of 16 Class-B assets with 3,800 apartment units, located in some of the strongest multifamily markets in the nation, comprising Southern California, including LA Metro, Inland Empire, Riverside, Orange County and San Diego, as well as Denver and South Florida. The seller – two closed-end private equity funds managed by PRG – sold the portfolio because its investment period had ended.

This is an excerpt of the article “Blackstone Fund Completes $570M Deal for Apartment Portfolio” which appeared in Real Estate Bisnow Los Angeles on Nov. 24, 2015.

NEW YORK – Nov. 23, 2015 – Phoenix Realty Group (“PRG”), a national real estate owner, operator and fund manager headquartered in New York City, announced the acquisition of a 16-property, 3,800-unit multifamily portfolio with Blackstone Real Estate Partners VIII, an affiliate of Blackstone. Valued at approximately $570 million, the properties are located in the Los Angeles Metro, San Diego, Denver and southern Florida markets.

“We are thrilled with this significant achievement in PRG’s evolution, and we’re looking forward to continued expansion of our portfolio,” said PRG CEO Michael Fried. “This partnership with Blackstone is a testament to our team’s talents and capabilities in reimagining, repositioning and improving operations of Class B multifamily assets.”

The portfolio assets were acquired from two closed-end private equity funds managed by PRG. Those funds had reached the end of their intended investment period, and the portfolio was marketed for sale.

“Our core investment strategy focuses on acquiring multifamily properties to which we can bring institutional operating and management practices and better serve renter populations in key urban and suburban locations,” said Keith Rosenthal, president of PRG. “This transaction represented a prime opportunity for us to continue a compelling value added business plan in attractive, higher barrier-to-entry markets.”

“We are pleased to acquire a critical mass of assets in markets which we consider to be among the strongest in the country given supply-demand fundamentals. We look forward to our partnership with the team at PRG,” said Qahir Madhany, a Principal at Blackstone.

 

---

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 Blackstone Real Estate

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $93 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (Chinese shopping malls), and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.

Phoenix Realty Group and Intercontinental Real Estate Corporation have acquired the 444-unit Cascade Village apartment complex in Westminster, Colorado, located a half mile from the 105-acre Westminster Mall redevelopment which is planned to add 1.1 million square feet of retail and entertainment venues to the area, high-density multifamily properties and 1 million square feet of commercial office space.

This is an excerpt of the article “Cascade Village in Westminster Changes Hands” which appeared on REBusiness Online on Nov. 3, 2015.

“We anticipate continued growth in the [Denver] market from the combination of population and the local economy, which of course feed one other,” said PRG president, Keith Rosenthal. “Also, the local job base includes expanding industries like biotech and other technology companies, such as Google’s Boulder campus development.”

Rosenthal says this growth is also driving a renewal of established neighborhoods in Denver, causing a very compelling case for Denver’s multifamily sector.

This is an excerpt of the article “Two East Coast Companies Acquire Westminster Multifamily” which appeared in Real Estate Bisnow Denver on Oct. 29, 2015.

Phoenix Realty Group and Intercontinental Real Estate Corporation will be implementing a value add repositioning effort to its newly acquired, 444-unit, Class A multifamily property located in Westminster, Colorado to upgrade the amenity rich property.

“Cascade Village is located in one of the top 10 areas in the United States for population growth, according to Forbes Magazine, and benefits from its proximity to a variety of high-tech research, manufacturing and information technology service jobs,” said Keith Rosenthal, president of Phoenix Realty Group. “With demand on the rise, due to the area’s steady job growth and resulting influx of renters, we are very excited about this property in particular and its potential to serve residents looking for quality and value.”

This is an excerpt of the article “East Coast Partners Buy Denver-Area Multifamily” which appeared on GlobeSt.com on Oct. 23, 2015.

Westminster, Colo./NEW YORK/BOSTON – Oct. 23, 2015 – Cascade Village apartments, a 444-unit, Class A multifamily property located in Westminster, Colorado, has been purchased by a joint venture of Phoenix Realty Group (PRG), a national real estate owner, operator and fund manager headquartered in New York City, and Boston-based Intercontinental Real Estate Corporation, a national real estate investment, development and management firm. Located at 6880 W. 91st Court in the northwest corridor of the Denver metropolitan area, plans for the property include a value add repositioning effort which will upgrade the amenity rich property. The purchase price was not disclosed.

“Cascade Village is located in one of the top 10 areas in the United States for population growth, according to Forbes Magazine, and benefits from its proximity to a variety of high-tech research, manufacturing and information technology service jobs,” said Keith Rosenthal, President of PRG. “With demand on the rise, due to the area’s steady job growth and resulting influx of renters, we are very excited about this property in particular and its potential to serve residents looking for quality and value.”

Centrally located between downtown Boulder and downtown Denver, Cascade Village is in a vibrant community which benefits from proximity to major retail, employment, freeways and a future light rail line. The complex is situated just half a mile away from the 105-acre Westminster Mall master plan redevelopment, which aims to transform the area with the addition of 1 million square feet of commercial office space, 1.1 million square feet of retail and entertainment venues, and high-density multifamily and residential properties. The surrounding area is also home to major employment hubs, including the Interlocken Business Park, which houses a variety of high-tech corporations, institutions of higher education, research and development laboratories.

“Our investor objectives center on targeting properties located in key markets with strong upside potential including solid labor markets and expanding business hubs. In this case, Cascade Village is located in a prime area for high-tech companies and it is rich with a growing labor pool,” Jessica Levin, Director, Acquisitions and member of Intercontinental’s Investment Committee. “As a result, this will be a prime property in our portfolio.”

Completed in 1987, Cascade Village consists of 26 three-story residential buildings situated on a 16.9-acre site. Unit layouts consist of 50 percent one-bedrooms and 50 percent two-bedrooms, all featuring full-sized washer/dryers, a balcony or patio and a fireplace. The complex includes a variety of premium amenities, including two swimming pools and saunas, an 80-seat stadium-style movie theatre, a clubhouse, fitness center and business center, in addition to a lakeside picnic and grilling area

The venture has selected PRG’s strategic partner, ConAm Management, as property manager, which currently manages more than 6,200 units throughout the Denver metro area. PRG will soon launch an improvement program for common area amenities, which will include enhancement to the existing amenities as well as additional amenities for residents’ benefit. Other improvements will consist of upgrading the current units with higher-level finishes, new fixtures and stainless steel appliances.

Shane Ozment and Terrance Hunt, Executive Managing Directors, and Doug Andrews and Jeff Hawks, Vice Chairmen of ARA Newmark represented the undisclosed seller in the transaction.

This is the third multifamily property owned by PRG in the greater Denver metropolitan area and the second the firm has acquired in less than 12 months, following the acquisition of the 600-unit Aurora Hills Apartments in Aurora, Colorado. PRG continues to actively invest in multifamily properties on the East Coast, West Coast and in Colorado.

 

---

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 Intercontinental

Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.

“We were attracted to both the individual property and the market,” said Keith Rosenthal, president of Phoenix Realty Group, on the firm’s recent acquisition of a 444-unit apartment complex in Westminster, Colorado. “The property itself has well-designed units and amenities, but there was a proven opportunity to upgrade units and therefore increase the value of the property.”

Phoenix Realty Group plans to roll out a capital plan that will focus on renovating individual units with new finishes and appliances.

This is an excerpt of the article “Westminster Apartment Complex Sells for $72 Million” which appeared on Denver Business Journal on Oct. 16, 2015.

Phoenix Realty Group recently purchased Chelsea Park Village, a 600-unit multifamily property located at 11850 East Maple Ave. in Aurora, Colorado located in the Denver metropolitan area approximately nine miles east of the city center.

Keith Rosenthal, president of PRG tells GlobeSt.com that the firm’s “sweet spot is middle-income housing like [Chelsea Park Village]. Here, we have an opportunity to be hands-on and make improvements that both benefit our residents and create value over and above market growth.”

“With its close proximity to Highway 225 and the expanded Denver RTD light rail system that will open in 2016, the property is situated in a key area with great potential to meet the expanding needs of the market,” says Rosenthal. “Denver has proven to have a dynamic economy, and this complex provides housing to the area’s growing population in a unique and expansive campus-like setting, distinguishing it from other apartment communities in the area.”

This is an excerpt of the article “Phoenix Realty Looks to Growing Rental Market” which appeared on GlobeSt.com on Dec. 3, 2014.

“With its close proximity to Highway 225 and the expanded Denver RTD light rail system that will open in 2016, [Chelsea Park Village] is situated in a key area with great potential to meet the expanding needs of the market,” says Keith Rosenthal, president of Phoenix Realty Group, regarding the firm’s recent acquisition of the 600-unit multifamily property in Aurora, Colorado known as Chelsea Park Village.

“Denver has proven to have a dynamic economy, and this complex provides housing to the area’s growing population in a unique and expansive campus-like setting, distinguishing it from other apartment communities in the area,” says Rosenthal.

This is an excerpt of the article “TODAY’S DEALS: Phoenix Realty Group Buys 600 Units in Colorado” which appeared on Multi-Housing News on Dec. 3, 2014.

AURORA, Colo. and NEW YORK – Dec. 1, 2014 – Phoenix Realty Group (PRG), a national real estate owner, operator and fund manager headquartered in New York City, has announced the acquisition of Chelsea Park Village, a 600-unit multifamily property located at 11850 East Maple Ave. in Aurora, Colorado.

Located in the Denver metropolitan area approximately nine miles east of the city center, the complex is located in close proximity to redevelopment areas and major employment hubs that together provide more than 100,000 jobs within the industries of aerospace, energy, bioscience, defense and technology. These hubs include the Denver Tech Center (DTC) to the south of Chelsea Park Village, the Lowry Redevelopment Area to the west and the Stapleton Redevelopment Area and Fitzsimons Lifescience Campus to the north.

“With its close proximity to Highway 225 and the expanded Denver RTD light rail system that will open in 2016, the property is situated in a key area with great potential to meet the expanding needs of the market,” said Keith Rosenthal, president of PRG. “Denver has proven to have a dynamic economy, and this complex provides housing to the area’s growing population in a unique and expansive campus-like setting, distinguishing it from other apartment communities in the area.”

Situated on approximately 47.5 acres, Chelsea Park Village is currently 97 percent occupied and consists of 47 residential buildings. Of the buildings’ 600 rental units, configurations include one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans, ranging in size from 650 to 1,400 square feet. Units are on average 20 percent larger than comparable rental properties in the area.

Amenities include a renovated clubhouse and leasing center, heated swimming pool and spa with a surrounding patio seating area, splash park, two saunas, fitness center, turfed soccer field, baseball field, basketball court, dog park and a new playground. Various recreational areas, including the Aurora Hills Golf Course and a range of parks, are located nearby as well.

As the new owner, PRG expects to upgrade the property’s amenities, adding new signage, enhancing common areas and improving landscaping to provide a more sustainable environment and an upscale living experience across the property. A unit upgrade program will build upon PRG’s deep experience in value-added multifamily property renovations, focusing on kitchen and bath upgrades, appliances, flooring, lighting and hardware in select units.

Sandler O’Neill + Partners, L.P. served as financial advisor and sourced joint venture equity for PRG in the acquisition. David Potarf and Dan Woodward of CBRE represented the seller 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.

“Keith Rosenthal, Phoenix Realty Group’s president, believes that new NYC Mayor Bill de Blasio’s plans for affordable and subsidized housing will have some impact on market-rate housing, and that’s hanging over the market in early 2014.

“No one knows what the specifics of his goals are, which are to preserve 200,000 units of affordable housing and produce another 90,000 new units,” he says. “The market absorbed some big rent increases for a couple of years, and we believe they will moderate a little bit. Things can only grow so fast until they run out of steam and need to catch their breath, and we see the market as catching its breath after a couple of years of huge increases.”…

This is an excerpt of the article, “The Big Apple is Tasty – New York Market Report” which appeared in the April 2014 edition of Multi-Housing News.

“There is no product of this high quality in the market, and that’s not a judgement call, it’s a fact,” said PRG President, Keith Rosenthal regarding the firm’s recent acquisition of Newbury Village, a 180-unit multifamily property in Meridian, Connecticut with PCCP,LLC for $27.5 million. The property is undergoing a value-add repositioning effort, and will be rebranded and renamed as Alvista Willow Brook.

The property’s location and uniqueness were the two main selling points for PRG. Rosenthal explains, “Typically in this market, residential properties are garden apartments, whereas this is an elevator building.”

“We’re going to make upgrades to the units with granite countertops, stainless steel appliances and some changes to the clubhouse and the amenities offered. The quality of the buildings and the location will allow us to increase the value to the tenants,” Rosenthal added.

This is an excerpt of the article “MF Complex in CT Acquired for $27.5M” which appeared on GlobeSt.com on March 19, 2014.

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.

Phoenix Realty Group formed a joint venture with PCCP, LLC to acquire a 180-unit multifamily property in Meriden, Connecticut purchased for 27.5 million. The property, Newbury Village, will be rebranded and renamed to Alvista Willow Brook and contains a vast amenity package including a central clubhouse, fitness center, heated outdoor swimming pool and in-unit appliances. PRG is managing the property as it undergoes a series of capital improvements.

This is an excerpt of the article “Phoenix Realty Group and PCCP, LLC Form Joint Venture to Acquire 180-Unit Property in the Middletown, Conn. Market for $27.5 Million” which appeared on Bloomberg Businessweek on March 18, 2014.

“In spite of the fact that values on multifamily assets have gotten “competitive” in recent years, Phoenix Realty Group has set the goal of completing $300 million in new acquisitions in 2014. According to the firm’s co-founder and president Keith B. Rosenthal there’s still plenty of attractive product left on the market, especially in Phoenix’ preferred value-add space.”

 

Originally posted on National Real Estate Investor

• Two Join Los Angeles Office Team

LOS ANGELES/NEW YORK – R. Alex Saunders and Leslie A. Stephens have joined the Los Angeles office of Phoenix Realty Group (PRG) a national real estate owner, operator and fund manager, as managing director in the firm’s acquisitions group, and assistant vice president in the asset management group, respectively.

“We are thrilled to have Alex back at PRG, and Leslie brings a solid track record of enhancing the return on investment (ROI). Both are seasoned real estate pros who are integral to our ability to ramp up acquisitions in the West and take advantage of the current market,” said J. Michael Fried, founder and chief executive officer of the New York-based firm.

Saunders, who was one of the original co-founders of the firm’s Los Angeles office in 2003, left the firm in 2012 to form a boutique multifamily company and successfully acquired several multifamily properties in that capacity.  He now returns to PRG to lead the firm’s western region acquisition activities and help drive the growth of PRG’s established multifamily platform. During his career, he has originated and closed more than 35 transactions, which includes both joint-venture investments and direct acquisitions representing approximately $250 million of equity and over $800 million in real estate. This resulted in the acquisition/development of more than 4,000 residential units.

Saunders currently serves as an adjunct professor within the Master of Real Estate Development (MRED) program at the University of Southern California. A 1995 graduate of the University of California at Irvine, he received his master’s degree in real estate development from the University of Southern California in 2003.

Stephens joins the firm as an assistant vice president of asset management with more than 17 years of asset management experience.  As such, she is focused on maximizing the performance of PRG’s western region portfolio.  This includes strategically identifying operational issues and overseeing intensive value-added renovation programs to strengthen both short-term and long-term return on investment for properties across the western region.

Prior to joining PRG, she served as the regional manager for Prime Group, Los Angeles, where she was responsible for more than 2,200 units. Previous positions include serving as a district manager for the commercial division of Nicolosi & Fitch in Tucson, Ariz., and as an asset manager at Sun America, Los Angeles.

In addition to holding a broker’s license, she is a member of the Institute of Real Estate Management and a Certified Property Manager (CPM) candidate.

 

---

About Phoenix Realty Group

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. PRG currently manages more than $1.3 billion in assets and nearly 10,000 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.

“Michael Fried, founder & CEO of Phoenix Realty Group L.L.C., blogs on CPE’s From the Inside experts blog about what to expect from real estate private equity funds in 2014. Look for quarterly video commentaries from Fried and president Keith Rosenthal on From the Inside.”

Originally posted on Commercial Property Executive

“Phoenix Realty Group, an owner and fund manager of multifamily properties across the city and country, has made Class B and C residential buildings its bread and butter over the past 15 years. And its New York-based management is eager to see how Mayor-elect Bill de Blasio approaches the housing of New Yorkers who are neither oligarchs nor impoverished.

“Work force housing sounds like a unique name,” said Keith Rosenthal, the co-founder (with J. Michael Fried) and president of PRG. “We’re even hesitant to use it. People hear it and think it’s a housing program. But most of the apartments in this country are geared toward middle-income renters.”…

This is an excerpt of the article, “May the (Work)Force Be With You: Phoenix Realty Group’s Keith Rosenthal” which appeared in the Commercial Observer on December 3, 2013.

“As Related Capital CEO from ’79 to ’99, Michael Fried oversaw the acquisition of more than 1,000 properties totaling 127,000 apartments, but his favorite work is what he’s doing now: remaking neighborhoods. Three weeks after he retired from Related, he founded Phoenix Realty Group, which owns 3,800 units (600 affordable and the rest workforce) in the NYC metro and plenty more around the country. Last year, Phoenix bought a portfolio of 12 five-story apartment buildings (153 units) scattered on Columbus and Amsterdam between 105th and 107th streets. Now it’s renovated 11 and is finishing up a facade redo on the 12th. Michael says these projects are breathing a nicer look and exciting way of life into the neighborhood, which encourages others to do similar rehabs.”

This is an excerpt of the article, “Multifamily Monday: Two Real Estate Comeback Stories” which appeared in Real Estate BisNow on November 25, 2013.

…”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…

Originally posted on www.realestatefinanceintelligence.com

…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…

Originally posted on www.realestatefinanceintelligence.com

…Investing on behalf of an institutional real estate fund, PRG has targeted middle-market multifamily properties in the greater Los Angeles area, according to a prepared statement. “We will continue to add value to our portfolio with an increased focus on project management using our development expertise,” says Edward Ratinoff, PRG managing director and head of national acquisitions…

…Canyon Creek Apartments, a 288-unit complex in Riverside’s Canyon Crest area, has been sold for $36.4 million, according to a statement. Buyer Phoenix Realty Group of Los Angeles has now bought 12 apartment communities in Southern California in about one year…

…According to PRG managing director Alex Saunders, Canyon Creek is a unique property in the area due to its large units, full package of amenities and mature landscaping. “The $3-million renovation plan has already begun with upgrades to the common areas and new appliances, finishes and flooring in the apartments,” Saunders said. He added that Canyon Creek is attracting tenants employed by five nearby hospitals, the University of California Riverside, two community colleges, March Air Force Base and several retail centers. “It has the potential to be one of the finest rental communities in Riverside,” said Saunders…

… According to PRG managing director Alex Saunders, Canyon Creek is a unique property in the area due to its large units, full package of amenities and mature landscaping. “The $3-million renovation plan has already begun with upgrades to the common areas and new appliances, finishes and flooring in the apartments,” Saunders said. He added that Canyon Creek is attracting tenants employed by five nearby hospitals, the University of California Riverside, two community colleges, March Air Force Base and several retail centers. “It has the potential to be one of the finest rental communities in Riverside,” said Saunders…

… Phoenix Realty Group has acquired Canyon Creek Apartments, a 288-unit community located in Riverside, Calif. The $36.4 million transaction represents the 12th apartment community in PRG’s Southern California portfolio. The company plans to begin a $3 million renovation program at the 24-acre community. Financing was arranged by Berkadia in Los Angeles. “We will continue to add value to our portfolio with an increased focus on project management using our development expertise,” says Edward Ratinoff, managing director and head of national acquisitions at PRG…

FOR RELEASE: January 11, 2012

PRG Buys $36.4-Million Canyon Creek Apartments in Riverside, Calif.

Plans call for $3 million in renovations to 24-acre community

LOS ANGELES – Phoenix Realty Group (PRG) has added a 12th apartment community to its Southern California portfolio with the acquisition of the $36.4-million Canyon Creek Apartments in Riverside, Calif. The transaction closed in late November 2011. The 24-acre site features 70 buildings surrounded by hundreds of mature trees and offers 288 rental units, a 24-hour fitness center, pool, spas and a community car wash.

Investing on behalf of an institutional real estate fund, PRG has targeted middle-market multifamily properties in the greater Los Angeles area. “We will continue to add value to our portfolio with an increased focus on project management using our development expertise,” explained Edward Ratinoff, PRG managing director and head of national acquisitions. “Owning so many units in close proximity will help us benefit from economies of scale in renovations and on-site management,” he added.

According to PRG managing director Alex Saunders, Canyon Creek is a unique property in the area due to its large units, full package of amenities and mature landscaping. “The $3-million renovation plan has already begun with upgrades to the common areas and new appliances, finishes and flooring in the apartments,” Saunders said. He added that Canyon Creek is attracting tenants employed by five nearby hospitals, the University of California Riverside, two community colleges, March Air Force Base and several retail centers. “It has the potential to be one of the finest rental communities in Riverside,” said Saunders.

Project financing was arranged by Allan Freedman, senior vice president with Berkadia in Los Angeles.

NOTE TO EDITORS: Photo of Canyon Creek Apartments is available at the following: www.phoenixrg.com/images/canyoncreek2012.jpg

 

---

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.

CONTACT:
Francie Murphy
Francie Murphy Associates
858-350-5152
francie@fmassociates.com

…Investing on behalf of an institutional real estate fund, PRG has targeted middle-market multifamily properties in the greater Los Angeles area. “We will continue to add value to our portfolio with an increased focus on project management using our development expertise,” explained Edward Ratinoff, PRG managing director and head of national acquisitions. “Owning so many units in close proximity will help us benefit from economies of scale in renovations and on-site management,” he added…