Phoenix, MG Acquire $53M Apartment Community
- Feb 09, 2011
February 8, 2011
By Allison Landa, News Editor
Phoenix Realty Group and MG Properties Group have purchased Crystal View, a 402-unit apartment property in Garden Grove, Calif. The $53 million deal received assumable tax-exempt bond financing and 20 percent of the units are reserved for low-income housing.
Crystal View was built in 1968 and has undergone major renovations over the past decade. According to Phoenix managing director Alex Saunders, the property was a strong fit for the company’s investment strategy of value-oriented rentals for a middle-market workforce. He added that its location near major freeways and major employers such as Disneyland and the University of California was also a major plus.
MG Properties senior vice president Justin Smith said that the firm’s operating platform combined with Phoenix’s experience and resources makes the partnership a strong one.
In 2010, Phoenix acquired more than 2,100 apartment units nationally, an estimated value of $250 million.