News

Merced, California – February 1, 2021 – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased The Grove jointly with a third party family office and discretionary affiliated investment vehicles. The property is a 204-unit Class B multifamily apartment community located at 340 South Parsons Avenue in Merced, California, a city in the heart of California’s Central Valley. 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 in 2004, The Grove consists of thirty-one two-story garden apartment buildings, one clubhouse occupying a 14.74-acre site. Unit configurations include 48 two-bedroom units (23.5 percent),120 three-bedroom units (58.8 percent) and 36 four-bedroom units (17.6 percent). The property benefits from a prime location less than 20 minutes from the University of California, Merced, which enrolls nearly 8,000 students and employs approximately 500 local residents. Public transportation is easily accessible, with Bus Route M5 stopping directly at the property and providing connections to key destinations such as the Merced County Library, Merced Station, and the Merced County Courthouse Museum. The community is also centrally located within a two-hour drive or less of major cities including Fresno, Sacramento, and San Francisco. Additionally, residents enjoy proximity to numerous shopping centers within a five-mile radius, offering a wide variety of retail, dining, and everyday conveniences.

Community amenities include a business center, clubhouse, swimming pool, fitness center, gated access, eight barbecue and picnic areas, three playgrounds, a basketball court, and leasing office. Units feature a mix of two-, three-, and four-bedroom units feature a balcony or patio, hardwood floors, walk-in closet(s), additional storage space, dishwasher, garbage disposal, air conditioning, in-unit washer and dryer*, and in-unit washer and dryer connections with rentals available.

The property is slated for a comprehensive value-add program that will include operational enhancements, upgrades to on-site amenities, and modernized apartment interiors. PRG’s strategic repositioning initiative is designed to elevate the overall resident experience, ensuring that both the units and shared spaces reflect contemporary standards and align with the expectations of today’s renters.

Serving as the county seat, Merced is a mid-size city with more than 83,000 residents and is a regional hub for education, culture, and business. Merced is located in the heart of the Central Valley, also known as the San Joaquin Valley, which is the most agriculturally productive region in California. This central location allows for convenient access to major metropolitan areas such as Fresno, Sacramento, and San Francisco, as well as proximity to natural wonders including Yosemite National Park, which is less than two hours from The Grove. Within the city, Merced offers plenty of outdoor recreation amenities. Lake Yosemite County Park and Merced’s Applegate Park Zoo are both less than eight miles from the property.

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.