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Phoenix Realty Acquires 220 Units for $23M

POMONA, CA-The company buys the Pine Club Apartments adjacent to a Metrolink station here, converting adjustable debt to fixed as part of the deal.

By Bob Howard | Updated on July 19, 2011

(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).

POMONA, CA-Phoenix Realty Group has acquired the 220-unit Pine Club Apartments adjacent to a Metrolink station here for $23 million, converting adjustable debt to fixed as part of the deal. PRG acquired the property, which is 95% occupied and is at 2261 Valley Blvd., from MHE Inc. and Sussex Capital Group. Both the buyer and the seller were represented by executive vice president Greg Harris and associate director Kevin Green of Institutional Property Advisors, a division of Marcus & Millichap.

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