Phoenix Realty Group and Intercontinental Real Estate Corporation recently acquired The Bridge, a 544-unit multifamily property in Hayward, California.
“The Bridge hits on all cylinders with everything that we look for in a property. It represents a significant opportunity to improve apartment units to contemporary standards and create rent growth, while still offering a value to residents compared with newer construction,” said Keith Rosenthal, president of PRG. “In addition, it’s in a high barrier to entry/supply-constrained rental market surrounded by major employment centers.”
“We’ve established a program based on competitive investment strategies, which is proven through our continued relationship with Intercontinental,” said Rosenthal. “The Bridge is a primary example of our class B, high barrier-to-entry market focus, allowing us to further expand our presence in the Bay Area and California, and invest in a property type which we understand and do well with. We have no doubt that, with the planned improvements, we’ll be able to reach renters within the region who are looking for upscale amenities and contemporary unit interiors at a better value.”
This is an excerpt of the article “Multifamily Property Hits On All Cylinders For JV Buyers” which appeared on GlobeSt.com on Feb. 12, 2016.