Phoenix Realty Group, Property Resources purchase 256-unit apartment community in Westchester County, New York, for US$28M
January 5, 2011
– Phoenix Realty Group (PRG) has announced the closing of a $28-million apartment community in Westchester County, NY. Purchased jointly with Property Resources Corporation, an owner and operator of more than 6,000 apartments in the New York metropolitan area, the acquisition is among the largest residential property purchases in Westchester County since 2006. The 256-unit Beacon Hill Gardens in Dobbs Ferry, NY, offers a majority of one- and two-bedroom units in 14 garden-style buildings on a 14-acre site just 20 miles north of Manhattan.
Purchased on behalf of a PRG institutional real estate fund, Beacon Hill Gardens’ proximity to New York City and the property’s value-oriented rents fit the firm’s investment strategy. “Beacon Hill Gardens is in a supply-constrained market with a growing need for rental units affordable to working families,” explained Steve Scioscia, PRG senior vice president. “Working with a proven development partner to upgrade the apartments to current market standards presents an outstanding investment opportunity.”
Property Resources Corporation is one of the select New York real estate development and management firms with the expertise to effectively operate and rehabilitate value-oriented housing. According to company president Frank Linde, “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. Beacon Hill is a great example of merging development skills with targeted investment funds to create a winning project,” Linde added.
PRG continues to actively invest in value-added multifamily properties and to pursue joint-venture development of new multifamily units in the Tri-state region and across Southern California, tapping $400 million in institutional fund capital targeted for those areas. In 2010, the firm closed on more than 2,100 apartment units nationally, valued at $250 million. The firm currently owns and manages market-rate apartment properties and low-income tax-credit housing in major markets across the U.S.
Phoenix Realty Group (www.phoenixrg.com) 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.
Property Resources Corporation (www.prcny.com) Founded in 1971, Property Resources Corporation is a New York-based real estate development, construction and property management firm. Its portfolio, with a combined rent roll in excess of $100 million, consists of rental, retail and co-op properties. PRC has rehabilitated hundreds of millions of dollars of government assisted housing and built a growing array of distinguished Manhattan condominium towers, including Savannah, Princeton House, and The Regatta.
Property Resources Corporation’s hallmark is its integrated approach, utilizing its own in-house talent in planning, construction, project administration, marketing and property management to enhance real estate values.
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