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NEW YORK CITY-Phoenix Realty Group has teamed up with the Housing Partnership Development Corp. on a $250-million fund to create workforce housing, mixed-use and commercial properties in New York, New Jersey and Connecticut. Metropolitan Workforce Housing Fund will provide market-rate housing to middle-income families as well as community-revitalizing commercial development.

By partnering to make equity investments with community-based developers, the fund's capital will be leveraged to provide more than $1 billion of residential and commercial development, according to J. Michael Fried, Phoenix Realty Group founder and chief executive officer. Investors are expected to include pension funds, banks and insurance companies.

A spokesperson tells GlobeSt.com that the firm is scouting properties and should have a closing soon. Housing Partnership Development will serve as the local advisor to the fund manager. Individual project investments may range from $3 million to $20 million for projects that could range in size from $10 to $100 million.