Phoenix Realty Group and MG Properties Group have purchased a 402-unit apartment complex in Garden Grove for $53 million.
The Crystal View development was built in 1968 and was remodeled over the last decade. The property boasts amenities such as tennis and basketball courts, a fitness center, movie room and clubhouse. It is located within three miles of 60,000 jobs, and offers affordable units to area workers.
Both Phoenix Realty and MG Properties execs believe the acquisition aligns with their business strategies.
“Crystal View is a great fit for our investment strategy – value-oriented rentals for the middle-market work force, in an ideal location close to major freeways and some of the region’s biggest employers, including Disneyland and the University of California Irvine Medical Center,” said Alex Saunders, Phoenix Realty's managing director.
The national real estate investment manager and owner provides capital 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. Phoenix Realty continues to invest in value-added multifamily properties and seeks joint-venture development of new projects across Southern California and in New York, New Jersey and Connecticut. The company has offices in New York and Los Angeles.
San Diego-based MG Properties is a real estate owner and operator focusing on multihousing properties. The company's portfolio includes 8,000 units in California, Washington and Arizona.
"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,” said Justin Smith, senior vice president of MG Properties.
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