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LOS ANGELES-Phoenix Realty Group has acquired three apartment complexes totaling 424 units for $31.5 million, marking the work force housing specialist’s first significant investment in Southern California since 2006, Phoenix senior vice president Alex Saunders tells GlobeSt.com. Saunders says the company, which is on the lookout for other multifamily acquisitions, views this as a good time to buy in light of low rent levels and other market conditions that are conducive to investing.

The three properties that Phoenix bought are the 120-unit, six-building Cielo Vista garden-style complex at 1620 W. Rialto Ave. in Fontana that is 97% occupied, along with two properties in Riverside totaling 304 units that are 90% occupied: the Arlington Heights at 8655 Arlington Ave. and the Evergreen at 6195 Pegasus Dr.

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