Keith B. Rosenthal, New York City-based president of Phoenix Realty Group, tells GlobeSt.com that the investment and development firm plans to proceed slowly on acquisitions initially. "Our intention is to start out a bit slowly, for the near term of two to three months, because we believe that the buy opportunities will be stronger some months from now than they are now," Rosenthal says. After that, he says, PRG will most likely adopt "a stronger buying posture for the balance of the year."

About 80% of the funds that Phoenix raises typically go toward work force housing, with the remaining 20% financing other components of mixed-use projects that the company acquires, develops and redevelops. The firm leans toward community-serving retail, office and medical office as the other elements of its mixed-use projects.

Phoenix raised these latest funds during a period of gradual decline in the housing market nationally as well as the capital markets turmoil of the past half year, but Rosenthal says that the changing market conditions actually worked in favor of the firm's efforts to raise capital.