Fried to be named "Outstanding Corporate Citizen" at 13th annual Unity Awards Banquet honoring Whitaker as "Man of the Year"
February 01, 2007

Los Angeles, Calif. - West Angeles Community Development Corporation, a leading faith-based, non-profit developer in Los Angeles, will honor Phoenix Realty Group (PRG) founder J. Michael Fried at the group's 13th Annual Unity Awards Banquet this evening in Beverly Hills, Calif. Fried was named an Outstanding Corporate Citizen for his work in creating thousands of homes affordable to low- and middle-income families in greater Los Angeles.

"By investing in our new housing communities, Phoenix Realty Group has helped us meet an ever-growing need for residents of South Los Angeles to become homeowners," said Lula B. Ballton, Chief Executive Officer of West Angeles CDC. "Mr. Fried's efforts further strengthen some of the city's most established communities where middle-class Angelenos want to raise their families."

PRG has invested equity capital from the $103-million Genesis Workforce Housing Fund into several housing communities in greater Los Angeles including two West Angeles CDC communities in South LA: 'West Angeles CityView' located at West 54th Street and 5th Avenue features 56 condominiums, three townhomes and two single-family homes priced from the $300,000s; 'West Angeles Estates on Broadway' at 94th Street and Broadway Avenue will include 50 new single-family homes.

The West Angeles CDC Unity Awards were created in 1995 to celebrate those individuals, families and corporations who, through their selfless service, charitable giving and special activities, embody the best in socially responsible community building.

The Man of the Year for 2007 is Golden Globe winner and Academy Award nominee Forest Whitaker, honored for exemplifying the true meaning of faithful service to humanity and unparalleled achievement in his chosen endeavor.

Also honored as an outstanding corporate citizen at the gala banquet was Percival Vaz, president and CEO of AMCAL Multi-Housing, Inc., one of LA's leading builders of affordable and low-income housing, and a partner with Phoenix Realty Group on several developments. The banquet, attended by more than 750 people at the Beverly Wilshire Hotel, was expected to raise significant funding for the West Angeles CDC programs including job training and placement, homebuyer education, business assistance and training, conflict resolution and PeaceMaker mediation training, emergency needs and social services.

West Angeles Community Development Corporation (www.westangelescdc.org) is a full-service, public-benefit, faith-based real estate development firm with offices in South Los Angeles. As the developer of over $75 million in real estate, West Angeles CDC has distinguished itself as the leading faith-based, nonprofit real estate developer committed exclusively to the Crenshaw District and adjacent South Los Angeles communities. Led by Dr. Lula B. Ballton, West Angeles CDC is a ministry of the West Angeles Church of God in Christ (COGIC), a 25,000-member church that is under the pastoral leadership of Bishop Charles E. Blake.

Phoenix Realty Group (www.phoenixrg.com) is a national real estate investment firm providing capital and expertise to urban developers focused on middle-market, for-sale and rental housing; low-income tax-credit housing; and community revitalizing commercial projects. Phoenix Realty Group has attracted significant institutional investment from many of America's leading pension funds, banks and insurance companies. PRG currently manages private equity and tax credit real estate funds that together will provide nearly $3 billion in housing and community revitalizing commercial properties.

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Editors' Note: A photo of Phoenix Realty Group Chairman Michael Fried is available for viewing or download in jpeg format at www.phoenixrg.com/editors/mfried.jpg