GARDEN GROVE, CALIF. — A joint venture between Phoenix Realty Group and MG Properties Group has purchased a Garden Grove apartment community for $53 million. The acquisition was made on behalf of a Phoenix institutional real estate fund.
Crystal View was built in 1968 and remodeled over the last decade. It contains 402 units, 20 percent of which are set aside for households making 50 percent or less of the area media income. Amenities include a swimming pool, tennis and basketball courts, a fitness center, a movie room and a clubhouse.
Phoenix and MG financed the purchase partly from assumable tax-exempt bonds. The seller's name was not released.
“Crystal View is a great fit for our investment strategy — value-oriented rentals for the middle-market workforce in an ideal location close to major freeways and some of the region's biggest employers including Disneyland and the University of California's Irvine Medical Center,” said Alex Saunder, managing director of Phoenix, in a statement.
Phoenix has been active in the multifamily sector. Last year, it purchased more than 2,100 apartment units worth $250 million. MG currently operates a portfolio consisting of 69 communities and more than 10,900 units, 8,000 of which are located in California, Arizona and Washington.
— Coleman Wood