COLTON, CA-Continuing an aggressive buying blitz throughout Southern California, Phoenix Realty Group spent $65 million for a pair of Inland Empire apartment complexes. The 366-unit Windrush Village Apartments in Colton, CA sold for $34.5 million, while 268-unit Galleria at Towngate Apartments in Moreno Valley, CA went for $30.8 million.
The two acquisitions brings Phoenix’s ownership of Southern California apartments to more than 3,200 SoCal units, with a total value of $387 million. Phoenix bought the properties on behalf of its institutional real estate fund.
Apartments in Riverside and San Bernardino counties--known together by the boosterish term, Inland Empire--have value because of their proximity to job centers in their higher priced, adjoining Los Angeles and Orange Counties, says Phoenix Realty's acquisitions direcdtor, Edward Ratinoff in a statement.
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