Real Estate - APRIL 19, 2017

Blackstone REIT buys multifamily portfolio for $430m

by Andrea Waitrovich

The Realty Associates Fund IX, a fund managed by TA Realty, has sold a six-property, 2,514-unit multifamily portfolio to Blackstone Real Estate Income Trust, a nontraded REIT managed by The Blackstone Group, for approximately $430 million.

The apartment communities are located across four states in high-barrier-to-entry markets, including Dallas, Chicago and Orlando metros. These markets are supported by favorable demographic trends and positive economic indicators.

Fund IX is part of TA Realty’s flagship fund series that focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. A commingled fund with $1.49 billion in equity capital, Fund IX received commitments from a diverse group of institutional investors.

This is TA Realty’s second major disposition this month. TA Realty sold a 45-property office and industrial portfolio to Brookfield-managed real estate funds for $854.5 million. The portfolio contained 8.6 million square feet of assets located across 12 states. The properties also were in high-barrier-to-entry markets, including Los Angeles, Dallas, Chicago and Washington, D.C.

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