News

Florida – April 20, 2023 – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased Orlando LIHTC Portfolio jointly with a third party family office and discretionary affiliated investment vehicles. The portfolio comprises 1,236 Class B multifamily apartment units across multiple communities, located at 1131 Castle Woods Terrace in Casselberry, 1915 Reef Club Drive in Kissimmee, and 1915 Ridge Club Drive in Orlando, Florida. PRG will operate the rental community and plans to renovate, upgrade and modernize the property to offer an attractive option for tenants in the area. Completed between 1971, 1972, and 1974, the Orlando LIHTC Portfolio consists of one hundred two- and three-story garden apartment buildings, approximately 26.59-acres in total. Unit configurations include 324 one-bedroom/one-bathroom units (26.2 percent), 304 two-bedroom/one-bathroom units (24.6 percent), 280 two-bedroom/two-bathroom units (22.7 percent), and 328 three-bedroom/two-bathroom units (26.5 percent).

Centrally located within the Orlando metropolitan area, this portfolio benefits from exceptional connectivity to major employment hubs, retail centers, and lifestyle amenities. The surrounding neighborhoods offer a diverse and well-balanced mix of suburban comfort and urban convenience, making the area highly attractive to a wide range of residents. The properties are ideally positioned near some of Orlando’s most prominent economic drivers, including world-renowned theme parks such as Walt Disney World and Universal Orlando Resort, as well as major hospitality employers like Marriott, Hilton, Starwood, and Gaylord Hotels. Together, these industries support over 100,000 jobs in the region. Just 20 minutes away, the Orange County Convention Center, the second largest in the U.S. employs more than 25,000 people and serves as a key anchor for the area’s robust tourism and events economy.

Retail and entertainment options are abundant. Residents enjoy immediate access to premier shopping destinations such as The Loop, with over 70 stores, 15 restaurants, and a movie theater, as well as the Orlando Premium Outlets on International Drive, featuring 180 stores and a popular food court. Festival Bay Mall, also nearby, is undergoing a $100 million redevelopment to enhance its already unique mix of specialty retailers. The International Drive corridor itself is a major attraction, offering over 150 restaurants and nearly 500 stores, in addition to a wide variety of entertainment venues including mini-golf, go-kart tracks, dinner shows, themed restaurants, and nightlife.

The northern portion of the portfolio is located within the established Casselberry submarket, known for its family-friendly atmosphere, access to top-rated public schools, and strong residential demand. The area provides convenient access to key transportation corridors such as US 17-92, SR 434, and SR 436, connecting residents to major employment centers throughout the Orlando MSA. Just a few miles away, Altamonte Drive (SR 436) serves as a commercial hub, offering a wide range of dining, retail, and service options. Uptown Altamonte, a 1 million square foot mixed-use development, and the recently renovated Altamonte Mall (1.15 million square feet) provide additional upscale shopping, dining, and entertainment experiences.

Overall, this portfolio is strategically situated in high-demand submarkets across the Orlando region, offering residents unparalleled access to employment, retail, entertainment, education, and transportation, making it a highly desirable place to live and invest.

The property is set to undergo a comprehensive value-add program focused on operational enhancements, amenity upgrades, and interior renovations. PRG aims to elevate the overall resident experience by modernizing the leasing center, renovating the clubhouse, and introducing a state-of-the-art fitness center. This repositioning strategy is designed to ensure that both the apartment homes and community amenities reflect contemporary standards and align with the expectations of today’s renters.

About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 25-year old private equity real estate investment firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York City with investment and asset management personnel in California and Florida. The firm has three business lines: value-added, new construction and affordable housing. In its value-added strategy, PRG’s goal is to acquire, renovate and reposition Class A and B urban and suburban multifamily properties in primary and secondary metropolitan areas to increase both ongoing cash flows and overall property appreciation. As of June 30, 2025, PRG manages approximately $2.25 billion in gross real estate assets and approximately 10,000 apartment units across the U.S. PRG’s principals have on average nearly 30 years of successful experience in multiple investment cycles and an investment track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.