(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).

POMONA, CA-Phoenix Realty Group has acquired the 220-unit Pine Club Apartments adjacent to a Metrolink station here for $23 million, converting adjustable debt to fixed as part of the deal. PRG acquired the property, which is 95% occupied and is at 2261 Valley Blvd., from MHE Inc. and Sussex Capital Group. Both the buyer and the seller were represented by executive vice president Greg Harris and associate director Kevin Green of Institutional Property Advisors, a division of Marcus & Millichap.

According to PRG managing director Alex Saunders, the project had an existing Fannie Mae adjustable loan that was converted at closing to a fixed-rate mortgage for seven years at a rate of 4.5%. “Our previous transactions with Fannie Mae and our experienced underwriting team helped to close this deal on such beneficial terms,” Saunders said in a PRG announcement regarding the deal. PRG intends to embark on a $1-million renovation program over the next six months to fully update several of the existing amenities and improve the overall operations of the property.

Edward Ratinoff, PRG managing director and head of national acquisitions, noted that PRG has made several opportune investments in the region in the past year, acquiring nine complexes totaling more than 1,700 apartments that are affordable to middle-income residents. “We have a strong outlook for the Southern California rental markets in and around the greater Los Angeles area,” Ratinoff said.

PRG cited the location of Pine Club Apartments on the eastern border of Los Angeles County, minutes from Interstate 10 and adjacent to the Metrolink commuter rail station, which provides commuters with direct access to Downtown L.A. Amenities include a pool, a spa, tennis courts, a fitness center and picnic areas.