Phoenix Realty Group (PRG) acquires rental housing units worth $24.2 million in East Orange New, New Jersey. PRG is a nationwide real estate investment firm that provides funds and proficiency in the real estate market, especially for metropolitan and infill real estate projects across the United States.
PRG has attracted investments from the US leading insurance and banks companies, public pension funds, and with other open-funds which invest in other real estate ventures, such as developing rental housing units in urban areas.
The company acquires 548 distressed rental housing units which are mostly established during the 1930’s. These units will be renovated and refurbished to the current real estate market’s standards.
The East Orange rental housing units mainly consist of typically one and two-bedroom units in multi-story buildings. Rates and rental value are too low compares to other real estate market, but the company believes that the comprehensive re-development and refurbishing plan will help achieve a market-standard rates.
According to PRG’s senior vice president, Steve Scioscia, the company will renovate the rental housing units to attract commuters who are based in New York and New Jersey.
Scioscia also said that PRG’s most recent investment continues with the company’s history in restoring housings that are close to city and to its public transportation services.
PRG is also in partnership with TreeTop Development LLC in this new portfolio. TreeTop Development is a versatile real estate company that has an excellent reputation in developing chic housing buildings in major urban centers all over New York.
TreeTop Development is also known in developing existing and old rental housing units into modern living spaces and re-establishes its market value.