Westchester County Apartment Complex Sells for $28M
- Jan 11, 2011
New York–Phoenix Realty Group and Property Resources Corp. have acquired a Westchester County, N.Y. apartment property for $28 million. The garden-style 256-unit Beacon Hill Gardens in Dobbs Ferry mostly features one- and two-bedroom units in 14 buildings on a 14-acre site about 20 miles north of Manhattan.
Phoenix Realty Group, a real estate investment manager and direct owner specializing in rental and for-sale residential properties, low-income tax-credit housing, and mixed-use and commercial projects, says it is pursuing a strategy of investing in value-add multifamily properties in metro New York and southern California. It currently has $400 million in institutional fund capital targeted for those areas.
“We believe there are a great number of opportunities in our area of focus: well-located B and C rental properties where we can provide new capital to reposition them, improve operations and still maintain value-oriented housing,” Keith Rosenthal, president of Phoenix Realty Group, tells MHN. “Competition exists, but success comes from ready capital with certainty of closing on the purchase.”
In 2010, Phoenix Realty Group, which has offices in New York and Los Angeles, closed on more than 2,100 apartment units nationwide valued at about $250 million. It currently manages investments representing $2 billion on its own account and on behalf of public pension funds, banks and insurance companies with discretionary funds that invest in opportunistic and value-added real estate ventures.
Property Resources Corp., a New York-based development and management firm, also sees the possibilities of multifamily investment. “We see myriad possibilities in today’s market to reposition similar assets, as well as keeping a focus on affordable housing, underperforming condominiums and retail,” says Frank Linde, president of Property Resources.