Phoenix Realty Group (PRG) today announced it has completed the capitalization of two real estate private equity funds with a total of $470 million invested by some of the country's largest public pension funds and insurance companies. These latest fund closings now bring the total PRG urban fund capitalization to $725 million, which is being leveraged to create $3.5 billion in market-rate rental and for-sale housing, mixed-use properties, and commercial developments in urban and infill areas nationwide.
INFO SOURCES
Phoenix Realty Group
FIRMS
Phoenix Realty Group is a national real estate investment firm providing capital and expertise to urban developers focused on middle-market, for-sale and rental housing; low-income tax-credit housing; and mixed-use and commercial projects. Phoenix Realty Group has attracted investments from many of America's leading pension funds, banks and insurance companies, and currently manages private equity and tax credit real estate funds that represent $3.5 billion in housing and commercial real estate.
INVESTORS INCLUDE
Investors in this latest round of funding included the New York State Common Retirement System, the New York City Employee Retirement System and TIAA-CREF Global Social and Community Investments.
PEOPLE
J. Michael Fried, chief executive officer of PRG
Keith B. Rosenthal, president of PRG
FUND DETAILS
The funds now closed are the Metropolitan Workforce Housing Fund and the Genesis Workforce Housing Fund II, focusing on the New York/New Jersey/Connecticut tri-state metropolitan area and greater Los Angeles area, respectively. PRG's portfolio of equity funds target urban real estate development and acquisition opportunities nationwide.
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