{"id":1004026654,"date":"2011-02-08T21:33:33","date_gmt":"2011-02-09T05:33:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004026654"},"modified":"2022-12-08T20:04:58","modified_gmt":"2022-12-09T04:04:58","slug":"phoenix-mg-acquire-53m-socal-apartment-community","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-mg-acquire-53m-socal-apartment-community\/","title":{"rendered":"Phoenix, MG Acquire $53M Apartment Community"},"content":{"rendered":"<p>February 8, 2011<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004026655\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Bohman.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004026655\" data-attachment-id=\"1004026655\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-mg-acquire-53m-socal-apartment-community\/bohman-5\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Bohman.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Bohman\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user Bohman&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Bohman.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Bohman.jpg\" alt=\"\" title=\"Bohman\" width=\"300\" height=\"225\" class=\"size-medium wp-image-1004026655\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Bohman.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Bohman.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004026655\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user Bohman<\/p><\/div>\n<p>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.<\/p>\n<p>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\u2019s 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.<\/p>\n<p>MG Properties senior vice president Justin Smith said that the firm\u2019s operating platform combined with Phoenix\u2019s experience and resources makes the partnership a strong one.<\/p>\n<p>In 2010, Phoenix acquired more than 2,100 apartment units nationally, an estimated value of $250 million. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The purchase of Crystal View, a 402-unit property in Garden Grove, Calif., received assumable tax-exempt bond financing and 20 percent of the units are reserved for low-income housing.<\/p>\n","protected":false},"author":936,"featured_media":1004026655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742],"tags":[],"class_list":["post-1004026654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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