UPLAND, CA-Phoenix Realty Group has acquired the 255-unit Portofino on the Park complex in this city for $29 million. The purchase enlarges the multifamily holdings of the Los Angeles-based investor, which currently owns about 2,500 apartments in the Inland Empire.
Built in 1976, Portofino on the Park comprises 32 garden-style buildings on 11 acres. PRG plans a $2.8-million upgrade to be performed during the next two years.
The high rate of residential foreclosures in the Inland Empire is one factor that makes apartment investment attractive in the region, according to managing director Edward Ratinoff. The region remains flooded with homes built prior to the 2007 credit freeze, in addition to thousands of homes that have entered the market through foreclosure.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
