Olive Ridge - Pomona, CA
October 25, 2013
The Orange County Register – Old is in for Long Beach Rental Market
“As we saw this property, it had to be reimagined, it had to be changed,” said Michael Fried, owner of Phoenix Realty Group.
Phoenix used an equity fund to purchase the property for $35 million from a real estate investment trust, which was unloading it in a year-end sale for tax purposes, Fried said.
The company has purchased and revamped more than 3,500 units in 15 multifamily properties in the western U.S., and has undertaken roughly a half-dozen projects similar to The Crossings endeavor in Los Angeles County over the past three years…
This is an excerpt of the article, “Old is in for Long Beach Rental Market“, which appeared in the The Orange County Register on October 25, 2013.