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11/24/15
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Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have teamed up in the acquisition of a 16-property, 3,800-unit multifamily portfolio valued at approximately $570 mil. The properties are located in the Los Angeles Metro, San Diego, Denver and southern Florida markets.
The portfolio assets were acquired from two closed-end private equity funds managed by PRG. Those funds had reached the end of their intended investment period, and the portfolio was marketed for sale.
PRG is a national real estate owner, operator and fund manager headquartered in New York City. Blackstone Real Estate Partners VIII is an affiliate of Blackstone.
"Our core investment strategy focuses on acquiring multifamily properties to which we can bring institutional operating and management practices and better serve renter populations in key urban and suburban locations," said Keith Rosenthal, president of PRG. “This transaction represented a prime opportunity for us to continue a compelling value added business plan in attractive, higher barrier-to-entry markets.”
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