Blackstone sells apartment portfolio
The Blackstone Group’s Blackstone Real Estate Partners VII has sold a 12-property portfolio to Strata Equity Group and its partner, a private Mexican investor group. A sales price was not disclosed; however it has been estimated to be $650 million.
The portfolio totaled more than 4,600 apartment units, with properties located in Atlanta, Austin, Denver and Houston. A majority of the properties will undergo renovations.
“These acquisitions have expanded Strata’s national presence in line with our long-term investment strategy of delivering attractive risk-adjusted cash yields in strategic growth markets to our investors,” said Carlos Michan, Strata’s CEO and founder, in statement. “Over the last five years, Strata has rebuilt its income property portfolio after having divested a majority of its assets during the last upcycle. These efforts have complemented Strata's land banking and entitlement division.”