News

Bronx, New York – May 5, 2025 – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased Carol Gardens jointly with a third party family office and discretionary affiliated investment vehicles. The property is a 314-unit Section 8 multifamily apartment community located at 820 & 880 Thieriot Avenue, New York, within the New York City metropolitan area.

Completed in 1968, Carol Gardens consists of two sixteen-story high-rise (AH) apartment buildings, occupying 351,905 gross square feet. Unit configurations include 61 one-bedroom units (54 percent), 159 two-bedroom units (46 percent), 94 three-bedroom units (46 percent). Multiple bus lines stop near Thieriot Avenue, including BX5, BX36, BX39, BXM8, and BX27. The nearest subway station is Elder Avenue, served by the 6 lines, approximately a 24‑minute walk from Thieriot. Other nearby stations: St. Lawrence Avenue (6) is about an 18‑minute walk. The property has good proximity to major roads and arterial streets, enhancing access to other boroughs and employment centers. In terms of air travel, LaGuardia Airport is about 9 miles away (18 minutes by car) and JFK Airport is approximately 16.6 miles (25 minutes) from the site. The Bronx, particularly the Soundview and Throggs Neck areas nearby, is part of a dense urban employment ecosystem tied to healthcare, education, retail, public administration, and transportation sectors.

PRG will operate the rental community and has allocated a capital expenditure budget to address deferred maintenance in common areas and complete necessary upgrades to building systems.  This project has a Section 8 PBV (project-based voucher) contract with HPD on 100 units and the remaining 214 units are limited to Mitchell Lama rents (though some have tenant-held vouchers which allow for the payment of a higher rent).  The business plan is to increase the number of units on the PBV contract over the 5 year hold period upon residents moving out.

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.