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Phoenix Realty Pays $65M for Inland Empire Apartments

COLTON, CA-The Los Angeles-based investor has bought 10 Southern California multifamily complexes this year, with an estimated value of $387 million.

By Morris Newman | Updated on December 06, 2011

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.

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