Blackstone Expands Its Apartment Portfolio With $2 Billion Purchase
Digested from Blackstone to Buy Apartments From Greystar in $2 Billion Deal
Bloomberg (12/8/15) Mulholland, Sarah
Blackstone Group is expanding its apartment portfolio with the purchase of 32 properties for $2 billion from Greystar Real Estate Partners. The properties, which comprise 57,000 apartment homes, are located throughout the United States, from California to New York.
Greystar originally purchased the properties in 2011 as a value-add investment. With most of the rehabilitation completed, the company was ready to sell them amid rising demand for luxury apartment homes.
Blackstone kicked off the year with the $1.7 billion purchase of 11,000 apartment homes from Praedium Group and has continued to snap up properties throughout the year. The private-equity firm continues to expand its holdings as interest in homeownership wanes and rental demand continues to rise.