LOS ANGELES, CA - Phoenix Realty Group (PRG) has added a 12th apartment community to its Southern California portfolio with the acquisition of the $36.4-million Canyon Creek Apartments in Riverside, Calif. The transaction closed in late November 2011. The 24-acre site features 70 buildings surrounded by hundreds of mature trees and offers 288 rental units, a 24-hour fitness center, pool, spas and a community car wash.
Investing on behalf of an institutional real estate fund, PRG has targeted middle-market multifamily properties in the greater Los Angeles area. “We will continue to add value to our portfolio with an increased focus on project management using our development expertise,” explained Edward Ratinoff, PRG managing director and head of national acquisitions. “Owning so many units in close proximity will help us benefit from economies of scale in renovations and on-site management,” he added.
According to PRG managing director Alex Saunders, Canyon Creek is a unique property in the area due to its large units, full package of amenities and mature landscaping. “The $3-million renovation plan has already begun with upgrades to the common areas and new appliances, finishes and flooring in the apartments,” Saunders said. He added that Canyon Creek is attracting tenants employed by five nearby hospitals, the University of California Riverside, two community colleges, March Air Force Base and several retail centers. “It has the potential to be one of the finest rental communities in Riverside,” said Saunders.
Project financing was arranged by Allan Freedman, senior vice president with Berkadia in Los Angeles.
Phoenix Realty Group is a national real estate investment manager and direct owner providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income tax-credit housing, and mixed-use and commercial projects in urban areas across the United States. The vertically integrated firm maintains extensive fund management, underwriting, development, construction management and asset management capabilities. PRG has attracted investments from America's leading public pension funds, banks and insurance companies, with discretionary funds that invest in opportunistic and value-added real estate ventures. The firm currently manages investments representing $2 billion in real estate development and acquisitions.