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LOS ANGELES — Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have acquired a 16-property multifamily portfolio for $570 million. The portfolio contains a total of 3,800 units.
Properties within the portfolio are located in Los Angeles, San Diego, Denver and South Florida. The assets were acquired from two closed-end private equity funds managed by PRG. The portfolio was listed once the funds reached the end of their intended investment period.