Alvista Metrowest - Orlando, FL
November 17, 2011
GlobeSt.com – Phoenix Realty Group Pays $29M for Upland Rental Complex
… 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…