PHOENIX REALTY GROUP ACQUIRES THE CROSSINGS AT THE BAY IN LONG BEACH

scalplevelpastoralManagement

Nov 18, 2013 (3 years and 8 months ago)

99 views












FOR IMMEDIATE RELEASE



PHOENIX REALTY GROUP ACQUIRES

THE CROSSINGS AT THE BAY IN LONG BEACH


New Standard Equities Plays Key Role in the $34.5 Million Transaction




LONG BEACH
, C
alif.



December

12
, 201
1



Phoenix Realty Group

(PRG) has acquired a
major multifamily real estate asset in Long Beach, CA.
The Crossings at the Bay
, a 237
-
unit
apartment community at 1718 Ximeno Avenue in the Anaheim Park Estates section of the
beach city, was purchased for $34.5 million from
BPG Prop
erties, LTD
.

Los Angeles
-
based
New
Standard Equities
facilitated the transaction, helped to develop the business plan, and will
provide construction and asset management for the property.

“We intend to implement a major program to revitalize the apartment

community in
order to maximize its excellent upside potential,” said Edward J. Ratinoff, managing director
and head of acquisitions for PRG.


“The Crossings is in close proximity to the 405, 22 and 605
freeways, and just one mile from the campus of Califo
rnia State University, Long Beach.”

The 6.5
-
acre Crossings at the Bay was built in 1963 and features one three
-
story and 12
two
-
story buildings housing 237 one
-

and two
-
bedroom apartment homes. Eighty
-
five percent
of the units are two
-

and three
-
bedroom ho
mes, several of which are townhouse style, with the
remainder of the unit mix consisting of one
-
bedroom apartments. The gated community offers
residents three resort
-
style pools, seven onsite laundry centers, a cardio fitness center with
strength training
equipment, tanning salon, business center, a resident lounge and
entertainment center, and onsite management and maintenance.

Edward Ring, founder and CEO of New Standard Equities, commented that with the
multifamily investment market in Southern Californi
a at fever pitch, it was unusual to find an
attractive asset such as The Crossings available for acquisition. “This is particularly true in a
dense coastal community such as Long Beach.” Ring further noted that this transaction
represents his firm’s first
association with PRG. “We look forward to continuing to work closely
together on this and other projects.”

Dean Zander and Vince Norris of
Hendricks & Partners
represented both the buyer and
seller in the transaction. The multifamily finance team of Brian
Eisendrath at
CBRE Capital
Markets
arranged the financing through Freddie Mac.

Phoenix Realty Group
(
www.phoenixrg.com
) is a national real estate investment
manager and direct owner providing capital and expertise f
or 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. The vertically integrated firm
maintains extensive fund management
, underwriting, development, construction management
and asset management capabilities. PRG has attracted investments from America's leading
public pension funds, banks and insurance companies, with discretionary funds that invest in
opportunistic and valu
e
-
added real estate ventures. The firm currently manages investments
representing $2 billion in real estate development and acquisitions.

New Standard Equities, Inc.

(
www.newstandardequities.com
) was found
ed in 2010 by
Edward Ring, formerly chief operating officer of Kennedy Wilson Multifamily Management
Group. The company offers a full
-
service real estate platform that either manages, construction
manages or owns and operates 582 units in Southern Californ
ia.

# # #

MEDIA CONTACTS:


Francie Murphy (for Phoenix Realty Group)

Francie Murphy Associates

858
-
350
-
5152

francie@fmassociates.com


Clive Hoffman (for New Standard Equities)

Clive Hoffman
Associates

310
-
205
-
9930

cliveh@clivehoffmanassociates.com