Alvista Portofino - Upland, CA
December 02, 2015
Real Estate Finance Intelligence – Phoenix Sees Long Term Value in Class B Apartment Sector
“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.