Category: News

…”We continue to be bullish on the Inland Empire’s Riverside and San Bernardino counties due to their close proximity to employment centers in higher-priced Los Angeles and Orange counties. These value-added investments are uniquely positioned to meet a growing demand for quality, well-located rentals near top schools, retail malls and jobs in a region key to the recovery of California, the eighth-largest economy in the world,” said Edward Ratinoff, PRG managing director and head of national acquisitions, in a statement…

…Continuing an aggressive buying blitz throughout Southern California, Phoenix Realty Group spent $65 million for a pair of Inland Empire apartment complexes. The 366-unit Windrush Village Apartments in Colton, CA sold for $34.5 million, while 268-unit Galleria at Towngate Apartments in Moreno Valley, CA went for $30.8 million…

…”Apartments in Riverside and San Bernardino counties–known together by the boosterish term, Inland Empire–have value because of their proximity to job centers in their higher priced, adjoining Los Angeles and Orange Counties,” says Phoenix Realty’s acquisitions director, Edward Ratinoff in a statement…

Phoenix Realty Group has bought two apartment complexes in the Inland Empire for $65 million, as part of a recent string of purchases in Southern California that reflect the company’s optimism for the region’s rental market.

“We continue to be bullish on the Inland Empire’s Riverside and San Bernardino counties due to their close proximity to employment centers in higher-priced Los Angeles and Orange counties,” Edward Ratinoff, Phoenix managing director and head of national acquisitions, said in a statement.

…Phoenix Realty Group has brought its 2011 acquisition tally to 10 with the purchase of two communities in California’s Inland Empire.

The group just announced the acquisition of Windrush Village Apartments in Colton, Calif., and Galleria at Towngate Apartments in Moreno Valley, Calif., which were bought for $34.5 million and $30.8 million respectively…

…Edward Ratinoff, managing director and head of national acquisitions at Phoenix. “These value-added investments are uniquely positioned to meet a growing demand for quality, well-located rentals near top schools, retail malls and jobs in a region key to the recovery of California.”…

…New York investment firm Phoenix Realty Group bought a Long Beach apartment complex last month for $34.5 million, the latest in a string of acquisitions targeting Southern California residential properties.

Since December 2010, Phoenix Realty has spent $228 million to acquire and improve 11 apartment complexes in the region. Most of them were in Riverside and San Bernardino counties, where company executives expect to see growing demand from renters even though the Inland Empire was hit hard in the economic downturn.

“We try to find the areas that get under-looked,” Managing Director Edward Ratinoff said. “When Southern California comes back, the Inland Empire will get its fair share of growth.”…

• Windrush Village Apartments in Colton, Calif. and Galleria at Towngate Apartments in Moreno Valley, Calif. bring SoCal acquisitions to 10 in past year

LOS ANGELES – Citing the continued upside potential for rental properties in Southern California, Phoenix Realty Group (PRG) has now acquired 10 apartment communities across the region in the past year with the recent purchases of the $34.5-million Windrush Village Apartments in Colton, Calif., and the $30.8-million Galleria at Towngate Apartments in Moreno Valley, Calif.

PRG now owns more than 3,200 SoCal rental units for a total value of approximately $387 million acquired on behalf of its institutional real estate fund. “We continue to be bullish on the Inland Empire’s Riverside and San Bernardino counties due to their close proximity to employment centers in higher-priced Los Angeles and Orange counties,” according to Edward Ratinoff, PRG managing director and head of national acquisitions.

“These value-added investments are uniquely positioned to meet a growing demand for quality, well-located rentals near top schools, retail malls and jobs in a region key to the recovery of California, the eighth-largest economy in the world,” said Ratinoff.

According to PRG managing director Alex Saunders, the 268-unit Galleria at Towngate is a best-in-class asset purchased well below replacement cost. Built in 2006, the community offers an extensive amenity package including a pool and spa, fitness complex, clubhouse with business center and children’s playground. “The apartments attract families affiliated with the University of California Riverside and March Air Force Base as well as major manufacturing hubs including the new 1.8-million-SF distribution center for Skechers USA,” he explained.

Saunders added that the 366-unit Windrush Village, spread across 30 buildings on 11 acres, will benefit from $2.6 million in capital improvements including a renovated clubhouse and gym, and new appliances in the two-thirds of apartments due for renovation. “With average rents below $1,000/month, Windrush stays almost fully occupied thanks to major employers including Arrowhead Regional Medical Center, Loma Linda University Medical Center, University of Redlands and major retail centers along the intersection of I-215 and I-10.”

The sale of both properties was brokered by John McCulloch, principal with ARA Pacific in San Francisco, with financing arranged by Brandon D. Smith, senior analyst with CBRE Capital Markets in Los Angeles.

NOTE TO EDITORS: Photos of Windrush Village Apartments and Galleria at Towngate Apartments are available at the following links:

www.phoenixrg.com/images/email/20111205/PRG-windrush-village.jpg

www.phoenixrg.com/images/email/20111205/PRG-galleria-at-towngate.jpg

 

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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.

…Built in 1976, the garden-style apartments offer residents two pools, a spa, fitness centre, clubhouse, playground and picnic areas that will be upgraded as part of a USD2.8-million improvement package over the next two years, according to Edward Ratinoff, PRG managing director and head of national acquisitions.

“Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets. It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing,” says Ratinoff…

…”Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets,” says Edward Ratinoff, managing director and head of national acquisitions at Phoenix. “It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing.”

The 1976 built community consists of 32 buildings situated on 11 acres. Common amenities include two pools, a spa, fitness center, clubhouse, playground and picnic area.

…The high rate of residential foreclosures in the Inland Empire is one factor that makes apartment investment attractive in the region, according to managing director Edward Ratinoff. The region remains flooded with homes built prior to the 2007 credit freeze, in addition to thousands of homes that have entered the market through foreclosure.

Phoenix is not worried by the threat of so-called “shadow inventory,” or the high number of single-family homes for rent that could undermine the demand for apartments, however.

“Just because a house is for rent doesn’t meant that an apartment renter will immediately opt for a house instead of an apartment,” he says. “A family might want a house, but a single person might prefer an apartment,” he says. “Even if the rent is the same, a single person may not want all that responsibility for maintenance of a single family home,” he adds…

Located in Upland, Calif. near schools and parks, the 32-building community offers rents affordable to area workforce

LOS ANGELES – Phoenix Realty Group (PRG) has acquired the $29-million Portofino on the Park Apartments in Upland, Calif., a 235-unit apartment community spread across 32 buildings on 11 acres with easy freeway and commuter rail access to downtown Los Angeles, Orange County and the Inland Empire. Built in 1976, the garden-style apartments offer residents two pools, a spa, fitness center, clubhouse, playground and picnic areas that will be upgraded as part of a $2.8-million improvement package over the next two years, according to Edward Ratinoff, PRG managing director and head of national acquisitions.

“Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets. It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing,” said Ratinoff.

“We see a great deal of upside potential in a location adjacent to major shopping, parks, schools, employers and the prestigious Claremont Colleges,” according to PRG managing director Alex Saunders, who pointed out that the firm’s portfolio of rental properties in the Inland Empire is currently 95 percent leased. PRG has purchased 10 apartment communities with 1,960 units in Southern California since late 2010 for a total investment of approximately $216 million in Los Angeles, Orange, Riverside and San Bernardino counties.

NOTE TO EDITORS:  Photos of Portofino on the Park Apartments are available at the following links:

www.phoenixrg.com/images/email/20111117/PRG-portofino-01.jpg
www.phoenixrg.com/images/email/20111117/PRG-portofino-02.jpg

 

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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.

… Phoenix Realty Group has acquired the 255-unit Portofino on the Park complex in this city for $29 million. The purchase enlarges the multifamily holdings of the Los Angeles-based investor, which currently owns about 2,500 apartments in the Inland Empire…

…The high rate of residential foreclosures in the Inland Empire is one factor that makes apartment investment attractive in the region, according to managing director Edward Ratinoff.

…People who have sold their homes or lost them through foreclosure may also become renters at Portofino, according to Ratinoff. “There’s a fair number of people who have lost their homes and still want to live in the area for the schools,” he says…

… Phoenix Realty Group has paid $29 million, or $123,400/unit, for the 235-unit Portofino on the Park apartment complex in Upland, Calif., which is east of Los Angeles in San Bernardino County.

The New York investment manager plans to spend another $2.8 million to renovate the complex at 850 North Benson Ave., which was built in 1976. The garden-style property includes two swimming pools, a spa, fitness center, clubhouse and playground…

• Located in Upland, Calif. near schools and parks, the 32-building community offers rents affordable to area workforce

LOS ANGELES – Phoenix Realty Group (PRG) has acquired the $29-million Portofino on the Park Apartments in Upland, Calif., a 235-unit apartment community spread across 32 buildings on 11 acres with easy freeway and commuter rail access to downtown Los Angeles, Orange County and the Inland Empire. Built in 1976, the garden-style apartments offer residents two pools, a spa, fitness center, clubhouse, playground and picnic areas that will be upgraded as part of a $2.8-million improvement package over the next two years, according to Edward Ratinoff, PRG managing director and head of national acquisitions.

“Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets. It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing,” said Ratinoff.

“We see a great deal of upside potential in a location adjacent to major shopping, parks, schools, employers and the prestigious Claremont Colleges,” according to PRG managing director Alex Saunders, who pointed out that the firm’s portfolio of rental properties in the Inland Empire is currently 95 percent leased. PRG has purchased 10 apartment communities with 1,960 units in Southern California since late 2010 for a total investment of approximately $216 million in Los Angeles, Orange, Riverside and San Bernardino counties.

NOTE TO EDITORS:  Photos of Portofino on the Park Apartments are available at the following links:

www.phoenixrg.com/images/email/20111117/PRG-portofino-01.jpg
www.phoenixrg.com/images/email/20111117/PRG-portofino-02.jpg

 

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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.

…The ownership of a 31-building apartment complex changed hands last month when the Regency Club Apartments on South New Prospect Road, Jackson, was purchased for $44 million.

The apartment complex is now known as Gaia Regency. The deal closed on Aug. 3 and involved Gaia Real Estate Holdings, New York City, Phoenix Realty Group, New York City, and Harel Insurance Investments and Financial Services, Ramat Gan, Israel…

…The $23.1 million sale of the Pine Club Apartments, for $134 per square foot, was an off-market deal in which Phoenix Realty Group acquired the property from MHE Inc. and Sussex Capital. “The sale of Pine Club Apartments marks one of only a few 100-plus-unit multifamily transactions in the San Gabriel Valley in the last several years,” Harris points out. He notes that the buyer “identified value through the implementation of a renovation plan and aggressive management.” Built in 1971 on 7.7 acres, the complex had a Fannie Mae adjustable loan that was converted at closing to a fixed rate of 4.5% for seven years…

… The area serves middle-income renters commuting to the major employment centers in and around the capital of Trenton and central New Jersey. Comprising 372 units in 31 buildings, the investment was made on behalf of a PRG institutional real estate fund focused on residential assets in the tri-state region of New York, New Jersey and Connecticut.”This is a perfect time to invest in multifamily in the tri-state area,” said Udi Kore, PRG vice president. “New Jersey has strong apartment fundamentals with virtually no new construction in more than three years and a demand that continues to outpace supply. In addition, historically low interest rates and a rental market on the upswing make value-added multifamily deals a very attractive investment for institutional capital from around the globe,” he added…

NEW YORK — Phoenix Realty Group (PRG) ) has teamed with Gaia Real Estate Holdings (Gaia) and Harel Insurance Investments and Financial Services (Harel) of Israel to acquire the $44-million Regency Club Apartments located in the Township of Jackson, in northern Ocean County, N.J. The area serves middle-income renters commuting to the major employment centers in and around the capital of Trenton and central New Jersey. Comprising 372 units in 31 buildings, the investment was made on behalf of a PRG institutional real estate fund focused on residential assets in the tri-state region of New York, New Jersey and Connecticut.

“This is a perfect time to invest in multifamily in the tri-state area,” said Udi Kore, PRG vice president. “New Jersey has strong apartment fundamentals with virtually no new construction in more than three years and a demand that continues to outpace supply. In addition, historically low interest rates and a rental market on the upswing make value-added multifamily deals a very attractive investment for institutional capital from around the globe,” he added.

“This investment reflects our goal to offer quality rental housing affordable to working-class households and close to the kind of jobs, transit and amenities that create desirable neighborhoods,” explained Steve Scioscia, PRG senior vice president.
Regency Club Apartments’ amenities include a swimming pool, tot lot and tennis courts. A planned $2-million improvement program will modernize unit interiors, upgrade the fitness center and clubhouse, and beautify walkways, signage and landscaping, according to Amir Yerushalmi, co-founder of Gaia. This is Gaia’s eighth deal this year, with a total of $215 million in property acquisitions by the firm in the last 12 months. Holliday Fenoglio Fowler, LP (HFF) represented the seller in the transaction.

Gadi Ben Haim, head of real estate for Harel, added, “We believe in the U.S. multifamily market and in its stability and underlying opportunities, especially now that there has been a significant decrease in the rate of homeownership. Regency Club Apartments further diversifies our portfolio, ensuring a steady, low-risk cash flow.”

In the past 18 months, PRG has acquired nearly 1,400 rental units in New Jersey alone, valued at $135 million. PRG continues to actively invest in value-added multifamily properties and to pursue joint-venture development of new multifamily properties across Southern California and in the tri-state region of New York, New Jersey and Connecticut, tapping $400 million in discretionary institutional fund capital targeted for those areas. Since mid-2010, the firm has acquired more than 3,900 apartment units nationally, valued at $464 million. The firm currently owns and manages market-rate apartment properties and affordable housing in major markets across the U.S.

 

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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.

Harel Insurance Investments & Financial Services Ltd. is one of Israel’s largest insurance and financial groups offering comprehensive insurance and financial solutions. Harel Group invests in revenue-producing real estate properties in Israel and abroad including shopping malls, commercial centers, office buildings, and light industry buildings in Germany, Great Britain and the U.S. Since 2010, Harel has purchased commercial real estate assets in Manhattan, New Jersey, Houston and Connecticut, and currently plans the development of a 23-story office building in Manhattan with SL Green.

Gaia Real Estate founded in 2009, is a full-service real estate group that focuses on U.S. investments along the East Coast. The firm employs a staff of 60 and is headquartered in New York City with offices in New Jersey and Tel Aviv, Israel. Gaia, backed by cash commitments of institutional and high-net-worth private investors, manages real estate properties through a wholly owned subsidiary Vision Property Management.

•  Attracted by increased demand for middle-market rentals in Central New Jersey
•  Three former AIG portfolio properties valued at $46.5 million

ENGLEWOOD CLIFFS, NJ, – Phoenix Realty Group (PRG) and The Orbach Group have purchased three properties totaling 472 apartments in the central New Jersey towns of Neptune, South River and Long Branch. The $46.5 million purchase from AIG was part of a larger transaction involving three additional New Jersey apartment communities sold to Vantage Properties and Angelo, Gordon & Company. All the deals closed simultaneously, with PRG and Orbach acquiring the properties subject to the existing long-term financing on two of the three properties.

“These value-added assets are a perfect match for our targeted real estate investment funds that in the past two years have acquired nearly 1,500 rental units in New Jersey valued at more than $130 million,” said Edward Ratinoff, PRG managing director.

According to Meyer Orbach, president of The Orbach Group, the portfolio is a great fit for the firm’s holdings.

“The properties are of great intrinsic value, which is our first priority in deciding upon an acquisition,” said Orbach. “Geographically, they complement our existing portfolio of 4,000 units across New Jersey, New York and Pennsylvania. We know from our past experience that PRG and Orbach work well together in these types of ventures, and our tenants and both firms will benefit from the transaction.”

“The region continues to show a strong demand for middle-market apartments that offer an attractive lifestyle at a time when home prices remain out of reach for the majority of local working families, especially those who commute to jobs in Manhattan and North Jersey,” added Udi Kore, PRG vice president. ”Orbach has proved to be an excellent operator in this space, and we are very pleased to be collaborating with them again.”

The New Jersey portfolio is comprised of Jumping Brook Apartments in Neptune (308 units in 28 buildings), Leonardine Gardens in South River (140 units in eight buildings) and the fully occupied Marine Gardens on the oceanfront in Long Branch (24 units in two buildings). Nearly $2.5 million will be spent across all three properties to enhance amenities and landscaping and renovate units.

Earlier this year, PRG teamed with Orbach on a 13-building residential portfolio located on West 49th Street in Manhattan, just blocks from Times Square and Rockefeller Center.

In the first quarter of 2011, Orbach acquired a nearly 200-unit rental property in Bensalem, Pa. Known for its hands-on approach to managing properties, Orbach continues to seek new multifamily investment opportunities in New York City, New Jersey and Pennsylvania.

PRG continues to actively invest in value-added multifamily properties and to pursue joint-venture development of new multifamily properties in the tri-state region of New York, New Jersey and Connecticut, and across Southern California, tapping $380 million in discretionary institutional fund capital targeted for those areas. Since mid-2010, the firm has acquired more than 3,500 apartment units nationally, valued at $400 million. The firm currently owns and manages market-rate apartment properties and affordable housing in major markets across the U.S.

 

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Phoenix Realty Group  is a national real estate investment manager 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.

About the Orbach Group
The Orbach Group is a privately held real estate investment, management and development company. As one of the Northeast’s leading apartment owners and managers, The Orbach Group prides itself on offering quality living for their residents provided by a professional staff of over 90 employees committed to excellence. The Orbach Group owns over 4,000 apartment units in NY, NJ & PA. The Orbach Group has a proven track record of acquiring and repositioning properties in high barrier, high growth markets.

• Pomona, Calif., location offers exceptional access to transit and employment centers around greater LA and the Inland Empire

LOS ANGELES — Phoenix Realty Group (PRG) has acquired the $23-million Pine Club Apartments in Pomona, Calif., a 220-unit apartment community nestled amid dozens of mature pine trees surrounding 10 buildings. Pine Club Apartments is on the eastern border of Los Angeles County, minutes from Interstate 10 and adjacent to the Metrolink commuter rail station, which provides commuters with direct access to downtown LA. Offering full amenities including pool, spa, tennis courts, fitness center and picnic areas, the community serves employees from several hospitals and various industrial firms in the region, as well as employees and students from Cal Poly Pomona.

“We have a strong outlook for the Southern California rental markets in and around the greater Los Angeles area,” explained Edward Ratinoff, PRG managing director and head of national acquisitions. “In the past year we have made severseveral opportune investments in the region, acquiring nine communities representing more than 1,700 apartments that are affordable to middle-income residents,” he added.

According to PRG managing director Alex Saunders, the project had an existing Fannie Mae adjustable loan that was converted at closing to a fixed-rate mortgage for seven years at a favorable rate of 4.5 percent. “Our previous transactions with Fannie Mae and our experienced underwriting team helped to close this deal on such beneficial terms,” Saunders said. PRG intends to embark on a $1-million renovation program over the next six months to fully update several of the existing amenities and improve the overall operations of the property.

Image of Pine Club Pomona

 

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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.

Link: Image of Hillcroft at Danbury

LOS ANGELES — Phoenix Realty Group (PRG) has acquired a portfolio of 432 apartment units in three properties in the cities of San Bernardino and Highland, Calif. The portfolio was purchased for $21.5 million from a lender that had taken back the assets in 2009 and embarked on an 18-month intensive management effort that brought occupancy up to 95%.

“A year ago, these properties were in poor shape due to low occupancies largely driven by poor management and a lack of maintenance,” explained Edward Ratinoff, PRG’s managing director of national acquisitions. “But aggressive management and capital improvements restored these properties into the type of middle-market, family-friendly apartments that our institutional real estate funds target. The improved conditions allowed us to obtain attractive financing from Freddie Mac,” he added.

Given the distressed history of the properties, the seller sought a buyer with a strong reputation for closing and the ability to purchase the entire portfolio, according to PRG managing director Alex Saunders.

The properties offer market-rate and government-subsidized units to renters employed throughout the Inland Empire by local employers such as Arrowhead Regional Medical Center, California State University San Bernardino and nearby community colleges.

Coastline Real Estate Advisors, which stabilized the properties’ operations over the past year, was maintained as the property management firm for Ascot Park (160 units in 25 two-story buildings) and Summit Place (80 units in 10 two-story buildings) in San Bernardino, and Park Heights (192 units in 15 two-story buildings) in Highland.

The seller was represented by Ron Harris and Alex Garcia of Marcus & Millichap, Los Angeles. PRG represented itself.

NEW YORK, March 21, 2011 – Phoenix Realty Group (PRG) has entered into a partnership with The Orbach Group to acquire an interest in a 13-building residential portfolio located on West 49th Street in Manhattan, just blocks from Rockefeller Center and Times Square and across the street from World Wide Plaza. Owned and operated by Orbach since 2008, the 13 five-story walkups with 253 apartments are located on a single block between 8th and 9th Avenues in the Midtown West section of New York City and offer a mix of market-rate and rent stabilized units.

The investment was made on behalf of a PRG institutional real estate fund focused on residential assets in and around New York City. The pre-war apartments are close to major subway lines, bus routes, cultural amenities and nightlife and were 99% occupied as of the closing of the investment.

“This is a very attractive portfolio that is perfectly suited for our investment focus,” said Udi Kore, PRG vice president. “And the Orbach Group is a high-quality owner/operator who has clearly demonstrated that they can execute the value-add business plan utilizing our institutional-level equity to realize the potential of this asset.”

“An increasing number of successful private owner/operators are attracting institutional partners. PRG knows their business and has the ability to recapitalize the built-up equity for these operators so they can continue to grow during this opportune time in the real estate cycle,” explained Steve Scioscia, PRG senior vice president.

The Orbach Group has holdings in several New York commercial and residential buildings in Midtown and the Upper West Side, as well as properties throughout New Jersey and the Philadelphia metropolitan area. With the current real estate market poised for continued recovery, the firm has plans to reinvest its savings and expand in New York and other markets, according to owner and president, Meyer Orbach.

“This partnership puts The Orbach Group in an ideal position – the capital gives us more flexibility to take advantage of the many investment opportunities the market presents” said Orbach. “It also allowed us to refinance the property, which will save us $6 million over the life of the loan. Much of this savings is being put back into the property for upgrades and improvements.”

PRG continues to actively invest in value-added multifamily properties and to pursue joint-venture development of new multifamily properties across Southern California and in the tri-state region of New York, New Jersey and Connecticut, tapping $400 million in discretionary institutional fund capital targeted for those areas. In the second half of 2010 alone, the firm acquired more than 2,100 apartment units nationally, valued at $250 million. The firm currently owns and manages market-rate apartment properties and affordable housing in major markets across the U.S.

 

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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.

About the Orbach Group

The Orbach Group is a privately held real estate investment, management and development company. As one of the Northeast’s leading apartment owners and managers, The Orbach Group prides itself on offering quality living for their residents provided by a professional staff of over 90 employees committed to excellence. The Orbach Group owns over 3,500 apartment units in NY, NJ & PA. The Orbach Group has a proven track record of acquiring and repositioning properties in high barrier, high growth markets.

• Strategically located in Garden Grove within three miles of 60,000 jobs

LOS ANGELES — Phoenix Realty Group (PRG) and MG Properties Group (MGPG) have announced their acquisition of Crystal View, a $53-million apartment community in Garden Grove, Calif., that offers quality, market-rate and affordable units to workers at the area’s major theme parks, hotels, medical centers and sporting venues.

Purchased on behalf of a PRG institutional real estate fund, the 402-unit property built in 1968 was extensively remodeled over the last decade and offers high-end amenities including tennis and basketball courts, fitness center, movie room and clubhouse.

“Crystal View is a great fit for our investment strategy – value-oriented rentals for the middle-market workforce, in an ideal location close to major freeways and some of the region’s biggest employers, including Disneyland and the University of California Irvine Medical Center,” explained Alex Saunders, PRG managing director.

The purchase was financed with assumable tax-exempt bond financing, and 20 percent of apartments are reserved for households making 50% or less than the area median income. “PRG and its principals have more than 30 years’ experience in owning and operating market-rate and affordable housing,” said Saunders. “This enables PRG to structure market-rate multifamily transactions that may be encumbered with regulatory agreements and to manage mixed-income tenancies.”

Justin Smith, MGPG senior vice president, said the acquisition also meets MG Properties Group’s strategy of buying institutional-quality assets in recovering markets that generate attractive yields. “Our strong operating platform combined with Phoenix Realty Group’s experience and resources make this an excellent partnership to add to our existing market-rate and affordable housing properties,” said Smith.

PRG continues to actively invest in value-added multifamily properties and to pursue joint-venture development of new multifamily units across Southern California and in the tri-state region of New York, New Jersey and Connecticut, tapping $400 million in discretionary institutional fund capital targeted for those areas. In 2010 alone, the firm acquired more than 2,100 apartment units nationally, valued at $250 million. The firm currently owns and manages market-rate apartment properties and affordable housing in major markets across the U.S.

 

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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.

MG Properties Group  is a privately owned West Coast real estate owner and operator specializing in multi housing assets. Founded in 1992, MGPG has acquired 69 communities totaling over 10,900 units, representing more than $1.3 billion in total asset value. The company’s current portfolio includes 8,000 units in California, Washington, and Arizona. MGPG employs 250 professionals with in-house expertise in acquisitions and underwriting, asset, property, construction, and investment management.

Editor’s Note: Click here for an image of the Crystal View Apartment Community.

Contacts

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

• Upgrades are underway, offering value-oriented housing in prime location
• Total of 1,000 apartment units in NY metro area acquired last year by institutional funds managed by Phoenix Realty Group

NEW YORK — Phoenix Realty Group (PRG) has announced the closing of a $28-million apartment community in Westchester County, NY. Purchased jointly with Property Resources Corporation, an owner and operator of more than 6,000 apartments in the New York metropolitan area, the acquisition is among the largest residential property purchases in Westchester County since 2006. The 256-unit Beacon Hill Gardens in Dobbs Ferry, NY, offers a majority of one- and two-bedroom units in 14 garden-style buildings on a 14-acre site just 20 miles north of Manhattan.
Purchased on behalf of a PRG institutional real estate fund, Beacon Hill Gardens’ proximity to New York City and the property’s value-oriented rents fit the firm’s investment strategy. “Beacon Hill Gardens is in a supply-constrained market with a growing need for rental units affordable to working families,” explained Steve Scioscia, PRG senior vice president. “Working with a proven development partner to upgrade the apartments to current market standards presents an outstanding investment opportunity.”
Property Resources Corporation is one of the select New York real estate development and management firms with the expertise to effectively operate and rehabilitate value-oriented housing. According to company president Frank Linde, “We see myriad possibilities in today’s market to reposition similar assets, as well as keeping a focus on affordable housing, underperforming condominiums and retail. Beacon Hill is a great example of merging development skills with targeted investment funds to create a winning project,” Linde added.
PRG continues to actively invest in value-add multifamily properties and to pursue joint-venture development of new multifamily units in the Tri-state region and across Southern California, tapping $400 million in institutional fund capital targeted for those areas. In 2010, the firm closed on more than 2,100 apartment units nationally, valued at $250 million. The firm currently owns and manages market-rate apartment properties and low-income tax-credit housing in major markets across the U.S.

 

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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.

Property Resources Corporation  Founded in 1971, Property Resources Corporation is a New York-based real estate development, construction and property management firm. Its portfolio, with a combined rent roll in excess of $100 million, consists of rental, retail and co-op properties. PRC has rehabilitated hundreds of millions of dollars of government assisted housing and built a growing array of distinguished Manhattan condominium towers, including Savannah, Princeton House, and The Regatta.
Property Resources Corporation’s hallmark is its integrated approach, utilizing its own in-house talent in planning, construction, project administration, marketing and property management to enhance real estate values.

Contacts

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