GARDEN GROVE, CA-Phoenix Realty Group and MG Properties Group have acquired Crystal View, a $53-million apartment community here. The apartment community was purchased on behalf of a PRG institutional real estate fund.
“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,” explains Alex Saunders, PRG managing director.
The purchase was financed with assumable tax-exempt bond financing, and 20% 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,” Saunders adds. “This enables PRG to structure market-rate multifamily transactions that may be encumbered with regulatory agreements and to manage mixed-income tenancies.”
According to a prepared statement, the apartment offers quality, market-rate and affordable units to workers at the area’s major theme parks, hotels, medical centers and sporting venues. 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.
Justin Smith, MGPG senior vice president, says that 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,” Smith says.
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, according to a prepared statement. 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 US. As GlobeSt.com recently reported, a Phoenix Realty Group JV closed on a $28-million multifamily buy called the Beacon Hill Gardens in Dobbs Ferry, NY.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
