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Phoenix Realty, partner buy Kent, Wash., multifamily properties

Joint venture partners Phoenix Realty Group LLC and Hanover Real Estate Investors, through an affiliated entity, bought two multifamily apartment communities in Kent, Wash., for $79 million.

The properties, which offer 361 units, will be operated by Phoenix Realty and rebranded under its Alvista Communities brand.

Phoenix Realty plans to renovate and modernize the Lake Meridian and Royal Firs communities, which will be renamed Alvista Lake Meridian and Alvista 240, respectively.