Blackstone JV pays $690m for Manhattan residential portfolio
Fairstead Capital has announced the acquisition of a free-market rental-housing portfolio in Manhattan in partnership with Blackstone Real Estate Partners VIII for $690 million. The residential portfolio was sold by the Caiola family.
The portfolio, which was previously managed by B&L Management Co., is made up of 24 mid-rise rental properties totaling 997 units, located in and around the Chelsea and Upper East Side neighborhoods.
The Fairstead/Blackstone venture’s plans for the portfolio include upgrades to the common spaces, addition of new amenities and the execution of a capital improvement plan to renovate units.
Recently, Blackstone Real Estate Partners VIII agreed to acquire Strategic Hotels & Resorts for $6 billion. And the firm acquired a 49 percent interest in the M