(To read more on the multifamily market, click here.)
NEW YORK CITY-Phoenix Realty Group has teamed up with theHousing Partnership Development Corp. on a $250-million fund tocreate workforce housing, mixed-use and commercial properties inNew York, New Jersey and Connecticut. Metropolitan WorkforceHousing Fund will provide market-rate housing to middle-incomefamilies as well as community-revitalizing commercialdevelopment.
By partnering to make equity investments with community-baseddevelopers, the fund's capital will be leveraged to provide morethan $1 billion of residential and commercial development,according to J. Michael Fried, Phoenix Realty Group founder andchief executive officer. Investors are expected to include pensionfunds, banks and insurance companies.
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