Phoenix Realty Group (PRG) and MG Properties Group (MGPG) have joined forces to secure a $53 million apartment community in Orange County. The community, Crystal View, offers affordable housing to workers, many of whom are employed at nearby theme parks, such as Disneyland, and medical establishments, such as the University of California Irvine Medical Center.
The apartment community is a 402-unit property, first built in 1968, and has received significant renovation over the past ten years. Crystal View offers residents tennis courts, a fitness center, a basketball court, a movie room, and a club house. The units are designed to be affordable for middle-market workforce and can accommodate their families.
The companies purchased the property through a PRG institutional real estate fund, financed with assumable tax-exempt bond financing. “PRG and its principals have more than 30 years’ experience in owning and operating market-rate and affordable housing,” said Alex Saunders, PRG managing director.
MGPG senior vice president, Justin Smith believes the partnership will be a fruitful one. “Our strong operating platform combined with Phoenix Realty Group’s experience and resources make this an excellent partnership to add to our existing market-rate and affordable housing properties.”
Phoenix Realty Group is a national real estate investment manager that continually invests in value-added multifamily properties. It currently manages investments in $2 billion of real estate developments and acquisitions. Its investments include multifamily units in Southern California, New York, New Jersey, and Connecticut.
MG Properties Group has acquired 69 communities with a total of 10,900 units. The company holds over $1.3 billion in total asset value. It currently owns units in California, Washington, and Arizona.