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 Village in a deal valued at $5.3 billion
"Our core investment strategy focuses on acquiring multifamily properties to which we can bring institutional operating and management practices and better serve renter populations in key urban and suburban locations," says Keith Rosenthal, president of PRG. "This transaction represented a prime opportunity for us to continue a compelling value added business plan in attractive, higher barrier-to-entry markets."
"We are pleased to acquire a critical mass of assets in markets which we consider to be among the strongest in the country given supply-demand fundamentals," says Qahir Madhany, a principal at Blackstone.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
