PHOENIX—Cornerstone RealtyGroup Inc. announces the submission of a $26 millionoffer on a 272 unit multifamily property located in the greaterPhoenix metropolitan area. CRG is headquartered in OrangeCounty.
President of CRG,John Itzel, tells GlobeSt.com theinvestment would be a typical value-add investment for hiscompany.
“It's a 16-year-old,class A property and we have the opportunity to really increase itsappeal,” says Itzel. We're seeing newer class A properties with 30%higher rents, so if we can get in there and make thoseimprovements, we can see those higher rents.”
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