Blackstone buys 2,500-unit multifamily portfolio for $430m

The Blackstone Real Estate Income Trust has closed on the purchase of a a six-property, 2,514-unit multifamily portfolio for approximately $430 million. The apartment communities that comprise the portfolio are located across four states in high barrier to entry markets like Dallas, Chicago and Orlando. The seller, TA Realty sold the assets on behalf of The Realty Associates Fund IX, L.P. Fund IX is part of TA Realty’s flagship fund with $1.49 billion in equity capital. JLL represented TA Realty in transaction negotiations.

We believe the outcome of this transaction represents compelling value for Fund IX investors,” said Tom Landry, Managing Partner at TA Realty. “The price we were able to command for this well-located portfolio of apartment communities reflects the significant value created through strategic operational and capital improvements over the ownership period.”