PHOENIX REALTY GROUP ACQUIRES BEDFORD-STUYVESANT PORTFOLIO FOR $96 MILLION

NEW YORK CITY — Phoenix Realty Group has acquired a portfolio of low-income apartments in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. Comprised of 362 units, the portfolio was purchased from the Bedford Stuyvesant Restoration Corp. for $96 million. The units will undergo renovations and upgrades, but Phoenix Realty plans to preserve the residences as affordable housing, and 95 percent of the apartments will be subsidized with long-term Section 8 contracts. Meltzer Mandel Architects and Robert Gaskin Architects will assist in the renovation. Over the next 2 years, construction on all three properties will be completed by MDG Design & Construction. Heidi Burkhart and Scott Ellard of Eastern Consolidated, Joe Lynch of Nixon Peabody and teams from Wachovia Bank and Citibank were instrumental in the transaction.