June 23, 2020
Phoenix Realty Group Supports Property Residents Through Launch of COVID-19 Relief Fund
Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator headquartered in New York City, is pleased to announce it is partnering with Rainbow Housing Assistance Corporation to create a relief fund to support the residents of its properties.
Since the COVID-19 pandemic has severely impacted many of the residents living at the properties owned by PRG, the firm created the Alvista Communities Valued Neighbors Relief Fund (Alvista Communities® is the brand through which PRG operates many of its properties) to provide cash grants to residents of PRG owned and operated properties that have lost their jobs during the pandemic. This grant provides funds to residents to help their families cope with this crisis. PRG, along with its generous investors and partners, have committed $180,000 toward the relief fund.
“Unfortunately, many of our residents have been impacted by unemployment, furloughs or reduced hours,” said Ron Orgel, PRG’s co-founder, managing director and head of east coast acquisitions. “During these unprecedented times, we wanted to alleviate some of their hardships and support our residents.”
PRG engaged Rainbow Housing Assistance Corporation, a non-profit which provides service-enriched housing programs for residents of rental housing communities throughout the country. Rainbow Housing collected the charitable contributions and disbursed the funds directly to residents.
As part of its multifamily strategy, PRG strives to improve the experience of its residents by renovating apartment units and common areas and enhancing amenity offerings. The establishment of the relief fund continues this effort of supporting residents and enhancing their daily life.
About Phoenix Realty Group
Phoenix Realty Group LLC (www.phoenixrg.com) is a 20-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-added, new construction, and affordable housing. As of December 31, 2019, PRG had approximately $1.5 billion in gross real estate assets under management.
About Rainbow Housing Assistance Corporation
Rainbow Housing Assistance Corporation (www.rainbowhousing.org) is a nonprofit organization that provides service-enriched housing programs for residents of rental housing communities throughout the country. Rainbow seeks to create and preserve quality, affordable housing for families and individuals of diverse ethnic, social, and economic backgrounds.