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EAST ORANGE, N.J. — Phoenix Realty Group has acquired a portfolio of 548 distressed apartment units in East Orange for $24.2 million. The units primarily date from the 1930s and are located within a 1-mile radius of each other. They mostly consist of a mix of one- and two-bedroom apartments in multi-story buildings. Phoenix has brought on TreeTop Development to renovate the units and bring them back up to market rates. Phoenix made the acquisition on behalf of one of its institutional real estate funds.