Phoenix Realty Group said it acquired Beacon Hill Gardens, a Westchester County apartment complex for $28 million, under a joint venture with White Plains-based Property Resources.
Phoenix Realty, with offices in New York and Los Angeles, said the deal is the latest acquisition in a strategy to acquire multi-family properties in the New York area and in Southern California.
The 256-unit property, located at 200 Beacon Hill Drive in Dobbs Ferry, N.Y., includes mostly one- and two-bedroom units spread over a 14-acre site. The deal represents one of the largest residential acquisitions in Westchester County since 2006, according to officials.
The complex will be upgraded, but it was not immediately clear whether rents will be increased.
Phoenix Realty previously acquired 548 distressed rental units in East Orange, N.J., from Fannie Mae and the Dime Savings Bank for $24.2 million. Those buildings will be operated by Newark-based TreeTop Development.
Phoenix Realty said it acquired more than 2,100 units nationwide in 2010. The firm has more than $400 million in institutional funds available for these acquisitions. Phoenix Realty officials were not immediately available for comment.