Alvista Metrowest - Orlando, FL
November 17, 2011
PRG Buys $29-Million Portofino on the Park Apartments in the Inland Empire; 10th SoCal Apartment Purchase in a Year
Located in Upland, Calif. near schools and parks, the 32-building community offers rents affordable to area workforce
LOS ANGELES – Phoenix Realty Group (PRG) has acquired the $29-million Portofino on the Park Apartments in Upland, Calif., a 235-unit apartment community spread across 32 buildings on 11 acres with easy freeway and commuter rail access to downtown Los Angeles, Orange County and the Inland Empire. Built in 1976, the garden-style apartments offer residents two pools, a spa, fitness center, clubhouse, playground and picnic areas that will be upgraded as part of a $2.8-million improvement package over the next two years, according to Edward Ratinoff, PRG managing director and head of national acquisitions.
“Portofino on the Park offers quality rental housing in one of the nation’s largest industrial markets. It’s an area on the forefront of the economic recovery because new jobs are being created in manufacturing and warehousing,” said Ratinoff.
“We see a great deal of upside potential in a location adjacent to major shopping, parks, schools, employers and the prestigious Claremont Colleges,” according to PRG managing director Alex Saunders, who pointed out that the firm’s portfolio of rental properties in the Inland Empire is currently 95 percent leased. PRG has purchased 10 apartment communities with 1,960 units in Southern California since late 2010 for a total investment of approximately $216 million in Los Angeles, Orange, Riverside and San Bernardino counties.
NOTE TO EDITORS: Photos of Portofino on the Park Apartments are available at the following links:
www.phoenixrg.com/images/email/20111117/PRG-portofino-01.jpg
www.phoenixrg.com/images/email/20111117/PRG-portofino-02.jpg
Phoenix Realty Group is a national real estate investment manager and direct owner providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income tax-credit housing, and mixed-use and commercial projects in urban areas across the United States. The vertically integrated firm maintains extensive fund management, underwriting, development, construction management and asset management capabilities. PRG has attracted investments from America’s leading public pension funds, banks and insurance companies, with discretionary funds that invest in opportunistic and value-added real estate ventures. The firm currently manages investments representing $2 billion in real estate development and acquisitions.