Blackstone is set to become one of the largest apartment owners in San Diego. The New York-based private equity investor has announced plans to purchase a 66-property apartment portfolio from Conrad Prebys Foundation for $1 billion, according to the San Diego Tribune. It is the largest transaction in San Diego history. Blackstone is purchasing the assets in partnership with TruAmerica Multifamily.

The deal totals 5,800 apartment units, bringing Blackstone's total market share to 6,700 units with a value of more than $5 billion. The investor plans to make $100 million in improvements on the properties, which are all described by the newspaper as market-rate units. In addition, Blackstone plans to partner with Pacific Housing to provide residents with essential services, including after-school tutoring and financial literacy classes as well as health and wellness programs. These will come at not cost to residents.

Proceeds from the transaction will benefit the local market. Dan Yates, the president of the Conrad Prebys Foundation, said the money would be used to fund grants in San Diego.