Blackstone Real Estate has announced the full subscription of its first Delaware statutory trust (DST) designed for commercial real estate owners seeking to reinvest sale proceeds into another “like-kind” property via a 1031 exchange, deferring capital gains taxes in the process.
The portfolio for this initial offering comprises two class A, highly amenitized multifamily properties in the Sun Belt totaling more than 600 units. The assets were identified by Blackstone Real Estate Income Trust (BREIT), which owns an institutional-quality portfolio of more than $120 billion concentrated in data centers, industrial and rental housing.
“We are thrilled to have fully subscribed our first DST offering and to help our investors achieve their 1031 goals. The Blackstone Real Estate Exchange program (‘BXREX’) is backed by the full resources of Blackstone’s real estate platform, and we believe we are uniquely positioned for this space,” said Katie Keenan, gl
