5th on the Park - New York, NY
December 05, 2011
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.”…