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Sign in Sign up for a FREE subscriptionBlackstone buys Phoenix real estate for $311m
Blackstone Real Estate Income Trust has acquired six apartment complexes in the Phoenix area for $311 million.
The sellers were DRA Advisors and Milestone Group.
The portfolio consists of 1,751 units spread across Surprise to Chandler. The complexes include Stadium Village in Surprise, Finisterra in Tempe, Sierra Foothills in Phoenix, Lumiere in Chandler, Sierra Canyon in Glendale and Waterford at Peoria.
According to a Business Real Estate Weekly of Arizona report, DRA Advisors and Milestone Group purchased the six properties in 2002 for $179.25 million.
Over the past year and a half, BREIT has invested $649 million to purchase 3,751 apartments in 12 Valley assets. The company also owns 192 multifamily units in Flagstaff.
As of the first quarter 2018, Blackstone owned 73,000 apartments, 34 million square feet of retail buildings, 136,000 hotel rooms and 66 million square feet of industrial space located across the United States.
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