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United States : PHOENIX CAPITAL racks up $120mln for real estate investment

August 13, 2014

Phoenix Capital Partners of Addison has announced the concluding its 19th round of funding, obtaining $120 million for real estate investment in the DFW area.

Since 1996, the company has been in business and has developed itself on buying newly-developing and completed residential and commercial real estate projects.

Phoenix typically concludes construction and sells the property, on ground-up projects. Generally, it owns onto the asset for 3 to 5 years before selling with the acquisition.

Andrew Scott, partner and managing director of acquisitions, commented We look at value-add to opportunistic projects. That would entail anything from buying an apartment project that requires capital to upgraded to doing the same thing with a shopping center or industrial or office asset.

Investors has committed to Phoenix for the $120 million sum. In addition, the company is aiming at three properties to acquire with the new money, though Scott declined to elaborate on the projects.

Scott stated that Phoenix is presently targeted on multifamily development. We think that is where a lot of the opportunity is right now.

He further that added the company aims to start buying within the next 60 days.

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Source: TendersInfo (India)

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