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TA Trades Apt. Portfolio to Blackstone

BOSTON—55 West, a 33-story residential tower in Orlando, is reportedly among the six multifamily properties that TA Realty sold on behalf of its Fund IX.

By Paul Bubny | paulbubny | Updated on April 19, 2017

Photo of apartment high-rise The 33-story apartment tower at 55 West Church St. in Orlando reportedly was among the properties bought by Blackstone. (Photo: Greystar)

BOSTON—TA Realty LLC is continuing to wind down investments in its Realty Associates Fund IX, selling a six-property, 2514-unit apartment portfolio to Blackstone Real Estate Income Trust. The $430-million sale follows TA’s $845.5-million sale of industrial and office properties to Brookfield earlier this month, also on behalf of Fund IX.

“We believe the outcome of this transaction represents compelling value for Fund IX investors,” says Tom Landry, managing partner at Boston-based 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.”

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