Phoenix Drops $65M On 2 SoCal Apartment Complexes

Law360, New York (December 5, 2011, 6:14 PM EST) -- Real estate investment manager Phoenix Realty Group has purchased two Los Angeles-area apartment complexes from real estate investment trust BRE Properties Inc. for a total of $65 million, bringing its Southern California acquisitions to 10 for the year, the company said Monday.

With the purchase of the $34.5 million Windrush Village Apartments in Colton, Calif., and the $30.8 million Galleria at Towngate Apartments in Moreno Valley, Phoenix now owns more than 3,200 rental units in the “Inland Empire” region worth about $387 million.

“We continue to...
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