Blackstone Adds to Growing MF Holdings
ByIt’s all over the news: cyber security impacts your bottom line! Find out how to protect your real assets atcyberSecure. Join professionals from across businesses in New York on December 15-16. National event.
Blackstone, headquartered at 345 Park Ave. (shown), has acquired a 16-property multifamily portfolio.
NEW YORK CITY—Blackstone Real Estate Partners VIII, an affiliate of Blackstone, has acquired a 16-property, 3,800-unit multifamily portfolio with Phoenix Realty Group.
Valued at approximately $570 million, the properties are located in the Los Angeles Metro, San Diego, Denver and southern Florida markets. The portfolio assets were acquired from two closed-end private equity funds managed by PRG. Those funds had reached the end of their intended investment period, and the portfolio was marketed for sale.
The firm gave its multifamily position here a ginormous boost last month when it led a joint venture purchase of Stuyvesant Town-Peter Cooper Villagein a deal valued at $5.3 billion…
