Phoenix Realty Group and MG Properties Acquire $53M Apartment Complex
- Feb 09, 2011
Garden Grove, Calif.—Phoenix Realty Group and MG Properties have acquired Crystal View, a $53 million apartment community in Garden Grove, Calif. The 402-unit property was purchased on behalf of the Phoenix Realty Group institutional real estate fund. The purchase was financed with assumable tax-exempt bond financing, and 20 percent of the apartments are reserved for households making 50 percent or less than area median income.
“PRG and its principals have more than 30 years’ experience in owning market-rate and affordable housing,” says Alex Saunders, PRG managing director. “This enables PRG to structure market-rate multifamily transactions that may be encumbered with regulatory agreements and to manage mixed-income tenancies.”
The project also meets MG Properties Group’s strategy of buying institutional-quality assets in recovering markets that generate attractive yields.
Crystal View was built in 1968 and was remodeled over the last decade to include amenities such as a fitness center, tennis and basketball courts, a movie room, and a clubhouse. The complex will offer market-rate and affordable units to workers at the area’s major theme parks, hotels, medical centers and sporting venues.
JP Morgan Chase sells Sacramento apartments for $12.4M
Sacramento, Calif.–JP Morgan Chase Bank has sold the REO multifamily asset at 4301-4339 Norwood Ave. in Sacramento through its wholly owned subsidiary foreclosure company, CRP Properties Inc., CoStar Group reports.
The apartments were bought by Los Angeles-based Savannah Court LLC and San-Francisco-based FJV Savannah Court LP. The 195-unit, garden-style property sits on 9.5 acres. The Savannah Court Apartments were never actively marketed for sale, as the seller and buyer reached a direct deal without involving external brokers.