Phoenix Realty Group has acquired 432 apartment units in three properties in the cities of San Bernardino and Highland, California according to https://realestateinvestmentcalifornia.com/phoenix-realty-group-acquires-21-5-million-reo-apartment-portfolio-in/. “A year ago, these properties were in poor shape due to low occupancies
largely driven by poor management and a lack of maintenance,” explained
Edward Ratinoff, PRG’s managing director of national acquisitions. “But
aggressive management and capital improvements restored these properties
into the type of middle-market, family-friendly apartments that our
institutional real estate funds target. The improved conditions allowed
us to obtain attractive financing from Freddie Mac,” he added.
The properties offer market-rate and government-subsidized units to
renters employed throughout the Inland Empire by local employers such as
Arrowhead Regional Medical Center, California State University San
Bernardino and nearby community colleges.
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