Blackstone Real Estate Income Trust, a publicly registered non-traded real estate investment trust sponsored by private equity giant The Blackstone Group (NYSE: BX), purchased nearly $374 million in properties in December 2017.
Blackstone REIT purchased Signature at Kendall Apartments, a 546-unit Class A multifamily property in the Kendall submarket of Miami, Florida for $139 million. The newly built property, which is currently in the lease-up phase, is 67 percent occupied and the company expects to achieve stabilized occupancy this year.
The REIT purchased the Talavera and Flamingo Multifamily portfolio comprised of two Class A multifamily properties in Las Vegas, Nevada for $115 million. The properties, Broadstone Talavera and Broadstone Flamingo West, have a combined 674 units and are 96 percent occupied.
Blackstone REIT also acquired the two-property Walden Pond & Montair Multifamily Portfolio for $120 million. The portfolio is comprised of Walden Pond Apartments in Seattle and Montair Apartments in Denver, which have a combined 635 units and 94 percent occupancy rate.
The company noted that there is opportunity to enhance the approximately 30-year-old properties through upgrades of building exteriors, common area amenities, and unit interiors. Blackstone REIT holds a 95 percent stake in the portfolio, while Los Angeles-based investment firm TruAmerica Multifamily owns the remaining 5 percent.
As previously reported by The DI Wire, Blackstone REIT signed an agreement last month to purchase a 22 million-square-foot industrial portfolio for $1.8 billion from Cabot Industrial Value Fund IV LP, a closed private equity fund managed by Cabot Properties. The acquisition is expected to close in March 2018.
Blackstone Real Estate Income Trust is a $4 billion offering that invests in stabilized income-oriented commercial real estate in the United States. The company is headquartered in New York City and externally managed by BX REIT Advisors., a subsidiary of Blackstone. The REIT oversees a $3.4 billion portfolio of 25 properties, and as of December 2017, the company had raised approximately $1.8 billion in investor equity.