ANR Homes, Inc. and Phoenix Realty Group Bring Single-Family Homes to Middle-Income Residents of San Bernardino.

54 Homes in Montelena Development to Meet Pent-up Demand for Housing Affordable to Middle-Income Families

SAN BERNARDINO, Calif. -- The newest residential community in the city of San Bernardino opens this week, offering middle-class households the chance to own one of 54 single-family homes being built on the city's west side by ANR Homes, Inc. with an equity investment from Phoenix Realty Group's $103-million Genesis Workforce Housing Fund.

"The Montelena community represents the first time we have used institutional capital to build homes to meet the needs of a community that is underserved by single-family housing in this price range," said Agustin Rodriguez, president of ANR Homes, Inc., the Santa Fe Springs, Calif., builder known for its long-standing commitment to neighborhood revitalization in the Inland Empire.

Rodriguez added that this is the first gated community ever to be built in the City of San Bernardino. Because the majority of buyers of the homes are expected to be families with school-age children, he expects the added safety of a gated community to be especially appealing to this buyer group.

"We're meeting a pent-up demand from working families that want new homes priced near the area median of $367,000," said Alex Saunders, senior vice president of acquisitions for Phoenix Realty Group. "With a booming local economy, San Bernardino is attracting a growing number of middle-income workers wanting to live close to their jobs and put down roots by building equity in their own properties," he added.

Development cost of the project is approximately $21 million, with $3.5 million in equity capital being provided by the Genesis Workforce Housing Fund.

Three of the four models debuted at a public Grand Opening this past Sunday. A ribbon-cutting ceremony is being held this evening at 5:00 p.m. at the site. San Bernardino Mayor Patrick Morris will be the keynote speaker at this event.

The new homes will range in size from 1,858 to 2,701 square feet with prices starting in the high $300,000s. All of the homes feature two-car garages and private backyards. Montelena also offers a pool, clubhouse, basketball court and tot lot as part of the gated community, which is located at the intersection of Meridian and West Rialto Avenues. The architect is EDPA Studio of Tustin, Calif.; general contractor is ANR Industries, Inc.; and construction financing is being provided by Vineyard Bank of Rancho Cucamonga, Calif.

"We are proud to be working with ANR Homes, which exemplifies a community developer who is dedicated to providing quality workforce housing in infill locations," added Jay Stark, PRG managing director for the western region. "The Genesis Workforce Housing Fund was created to help developers like ANR realize their vision of creating homeownership opportunities for middle-income households."

Editors' Note: A rendering of one of the homes in the Montelena project is available for viewing or download in jpeg format at http://www.phoenixrg.com/editors/montelenaplan.jpg.

ANR Homes, Inc. (www.anrhomes.com) is a builder of quality affordable housing with a strong commitment to developing within underserved communities by providing homeownership opportunities for first-time and limited-income families. Their commitment to community revitalization has enabled them to forge strong partnerships with a variety of community redevelopment agencies and non-profit organizations. Since 1995, ANR has rehabilitated more than 3,000 single-family homes, condominiums and apartments, and has developed more than 300 homes in underserved communities.

Phoenix Realty Group (www.phoenixrg.com) is a national real estate investment firm providing capital and expertise to urban developers focused on middle-market, for-sale and rental housing; low-income tax-credit housing; and community revitalizing commercial projects. Phoenix Realty Group (PRG) has attracted significant institutional investment from many of America's leading pension funds, banks and insurance companies. PRG currently manages private equity and tax credit real estate funds that together will provide nearly $3 billion in housing and community revitalizing commercial properties. The Genesis Workforce Housing Fund was created to provide equity and mezzanine financing for housing that will be affordable to the broadest segment of the housing pyramid, including first-time homebuyers.