…”We continue to be bullish on the Inland Empire’s Riverside and San Bernardino counties due to their close proximity to employment centers in higher-priced Los Angeles and Orange counties. These value-added investments are uniquely positioned to meet a growing demand for quality, well-located rentals near top schools, retail malls and jobs in a region key to the recovery of California, the eighth-largest economy in the world,” said Edward Ratinoff, PRG managing director and head of national acquisitions, in a statement…
Month: December 2011
GlobeSt.com – Phoenix Realty Pays $65M for Inland Empire Apartments
…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…
…”Apartments in Riverside and San Bernardino counties–known together by the boosterish term, Inland Empire–have value because of their proximity to job centers in their higher priced, adjoining Los Angeles and Orange Counties,” says Phoenix Realty’s acquisitions director, Edward Ratinoff in a statement…
Los Angeles Business – Phoenix Realty pays $65 million for two Inland Empire complexes
Phoenix Realty Group has bought two apartment complexes in the Inland Empire for $65 million, as part of a recent string of purchases in Southern California that reflect the company’s optimism for the region’s rental market.
“We continue to be bullish on the Inland Empire’s Riverside and San Bernardino counties due to their close proximity to employment centers in higher-priced Los Angeles and Orange counties,” Edward Ratinoff, Phoenix managing director and head of national acquisitions, said in a statement.
Multi-Housing News online – Phoenix Realty Group nabs two Inland Empire assets
…Phoenix Realty Group has brought its 2011 acquisition tally to 10 with the purchase of two communities in California’s Inland Empire.
The group just announced the acquisition of Windrush Village Apartments in Colton, Calif., and Galleria at Towngate Apartments in Moreno Valley, Calif., which were bought for $34.5 million and $30.8 million respectively…
…Edward Ratinoff, managing director and head of national acquisitions at Phoenix. “These value-added investments are uniquely positioned to meet a growing demand for quality, well-located rentals near top schools, retail malls and jobs in a region key to the recovery of California.”…
Los Angeles Times – Phoenix Realty buys Long Beach apartment complex
…New York investment firm Phoenix Realty Group bought a Long Beach apartment complex last month for $34.5 million, the latest in a string of acquisitions targeting Southern California residential properties.
Since December 2010, Phoenix Realty has spent $228 million to acquire and improve 11 apartment complexes in the region. Most of them were in Riverside and San Bernardino counties, where company executives expect to see growing demand from renters even though the Inland Empire was hit hard in the economic downturn.
“We try to find the areas that get under-looked,” Managing Director Edward Ratinoff said. “When Southern California comes back, the Inland Empire will get its fair share of growth.”…
PRG Pays $65 Million for Two Apartment Communities in Inland Empire
- Windrush Village Apartments in Colton, Calif. and Galleria at Towngate Apartments in Moreno Valley, Calif. bring SoCal acquisitions to 10 in past year
LOS ANGELES – Citing the continued upside potential for rental properties in Southern California, Phoenix Realty Group (PRG) has now acquired 10 apartment communities across the region in the past year with the recent purchases of the $34.5-million Windrush Village Apartments in Colton, Calif., and the $30.8-million Galleria at Towngate Apartments in Moreno Valley, Calif.
PRG now owns more than 3,200 SoCal rental units for a total value of approximately $387 million acquired on behalf of its institutional real estate fund. “We continue to be bullish on the Inland Empire’s Riverside and San Bernardino counties due to their close proximity to employment centers in higher-priced Los Angeles and Orange counties,” according to Edward Ratinoff, PRG managing director and head of national acquisitions.
“These value-added investments are uniquely positioned to meet a growing demand for quality, well-located rentals near top schools, retail malls and jobs in a region key to the recovery of California, the eighth-largest economy in the world,” said Ratinoff.
According to PRG managing director Alex Saunders, the 268-unit Galleria at Towngate is a best-in-class asset purchased well below replacement cost. Built in 2006, the community offers an extensive amenity package including a pool and spa, fitness complex, clubhouse with business center and children’s playground. “The apartments attract families affiliated with the University of California Riverside and March Air Force Base as well as major manufacturing hubs including the new 1.8-million-SF distribution center for Skechers USA,” he explained.
Saunders added that the 366-unit Windrush Village, spread across 30 buildings on 11 acres, will benefit from $2.6 million in capital improvements including a renovated clubhouse and gym, and new appliances in the two-thirds of apartments due for renovation. “With average rents below $1,000/month, Windrush stays almost fully occupied thanks to major employers including Arrowhead Regional Medical Center, Loma Linda University Medical Center, University of Redlands and major retail centers along the intersection of I-215 and I-10.”
The sale of both properties was brokered by John McCulloch, principal with ARA Pacific in San Francisco, with financing arranged by Brandon D. Smith, senior analyst with CBRE Capital Markets in Los Angeles.
NOTE TO EDITORS: Photos of Windrush Village Apartments and Galleria at Towngate Apartments are available at the following links:
www.phoenixrg.com/images/email/20111205/PRG-windrush-village.jpg
www.phoenixrg.com/images/email/20111205/PRG-galleria-at-towngate.jpg
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.