Phoenix Realty Group Closes $28.2 Million Acquisition of 248-Unit Apartment Complex in Tampa Metro Area
NEW YORK, Feb. 20, 2018 /PRNewswire-iReach/ -- Phoenix Realty Group ( PRG), a national multifamily real estate fund manager, investor and operator, purchased Tuscany Villas Apartments through an affiliated entity. The property, a 248-unit Class B multifamily apartment community, is located at 1919 Sterling Palms Court in Brandon, Florida, a city in the eastern section of the Tampa metropolitan area. PRG will operate the rental community and plans to renovate, upgrade and modernize the property to offer an attractive option for prospective tenants in the area. The property will be rebranded as Alvista Sterling Palms, utilizing PRG's proprietary brand Alvista Communities.
Completed in 1997 and previously financed with tax-exempt bonds, Tuscany Villas Apartments has a number of existing amenities. Additionally, 20 percent of the units are income- and rent-restricted to residents that earn less than 50 percent of area median income. PRG seeks to enhance the overall property experience for prospective tenants, including rebranding the property name, adding new signage and enhancing the existing amenity package. Planned unit upgrades include faux wood flooring in all common areas, new countertops, new kitchen cabinet doors and hardware and stainless steel appliances. The repositioning plan is aimed at creating a contemporary standard for units and the amenities that meet today's renters' needs.
The property is located in the growing Tampa metropolitan statistical area ("MSA") with convenient access to I-75 (a main interstate that runs the entire length of the state of Florida) and nearby retail, recreation and entertainment. The area has been growing significantly faster than the national average with an unemployment rate of 3.3 percent, according to the Bureau of Labor Statistics. In particular, Downtown Tampa is 15 minutes away with companies such as Bank of America, BB&T, PNC Financial Services, TECO Energy and Frontier Communications. The Port of Tampa is 10 minutes away and is one of the largest ports in Florida, handling millions of tons of cargo per year.
"After selling a large multifamily property in Tampa this summer, we are excited to maintain a presence in the local market" said J. Michael Fried, CEO of PRG. "We believe there is a significant opportunity to improve the property value and attract new tenants looking for state-of-the-art amenities and contemporary apartment units."
Ron Orgel, managing director of acquisitions for PRG's eastern United States region, emphasized the prime location of Tuscany Villas. "The Tampa metro area has enjoyed continued economic and employment growth from the addition of thousands of jobs in the past few years. Not only is the property close to nearby, multi-generational employers, it is also proximate to restaurants, entertainment, retail and recreation."
With a thriving economy, Tampa is an attractive area for Millennials and Baby Boomers due to the favorable climate, low crime, lack of major traffic, the proximity to water and vibrant music and nightlife.
As a result of this acquisition, PRG currently owns three properties, totaling 850 units in Florida.
About Phoenix Realty Group
Phoenix Realty Group LLC ( http://www.phoenixrg.com) is an 18-year old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-added, new construction and affordable housing. In its value-added strategy, PRG's goal is to acquire, renovate and reposition Class B urban and suburban multifamily properties in primary and secondary metropolitan areas to increase both ongoing cash flows and overall property appreciation. As of December 31, 2017, PRG manages approximately $1.4 billion in gross real estate assets under management and over 8,000 apartment units across the U.S. PRG's senior executives have on average nearly 30 years of successful experience in multiple investment cycles and a track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.
Media Contact: Alicia Mistry, The Hoyt Organization, 310-373-0103, [email protected]
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SOURCE Phoenix Realty Group
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