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Blackstone REIT Acquires $577 Million in November

Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), purchased two real estate portfolios, Southeast Industrial Portfolio and Aston Multifamily Portfolio, in November for a combined $577 million. The latter was purchased in a joint venture with non-traded REIT Steadfast Income REIT Inc., as previously reported by The DI Wire.

Southeast Industrial Portfolio was purchased for $116 million and is comprised of 1.9 million square feet of industrial space located in Jacksonville, Florida; Nashville, Tennessee; and Atlanta, Georgia. The portfolio is 97 percent occupied by a number of tenants including UPS, Volkswagen and Sub-Zero and has a weighted average remaining lease length of five years with 9 percent of rent rolling within the first four years.

Aston Multifamily Portfolio is comprised of 20 apartment communities with a combined 4,584 units located in Austin, Texas; Nashville, Tennessee; Dallas, Texas; San Antonio, Texas; and Louisville, Kentucky. Blackstone REIT paid $460.8 million for a 90 percent interest in the portfolio, with Steadfast Income REIT owning the remaining 10 percent. The portfolio is 95 percent occupied.

Earlier this month, Steadfast Income REIT announced that it entered into a joint venture arrangement with Blackstone REIT to purchase 20 multifamily properties owned by the Steadfast REIT. The companies also entered in an investment agreement where Steadfast would seek additional multifamily investments on behalf of both REITs. Affiliates of Steadfast Income REIT will continue to provide property management services for the properties in the joint venture.

In other Blackstone REIT news, the company recently updated the monthly net asset value for its Class S, Class I, Class D and Class T shares of common stock.

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. Blackstone currently manages various private investment funds and one publicly-traded REIT. The REIT oversees a $3 billion portfolio of properties, and as of November 17th, the company had raised approximately $1.5 billion in investor equity.

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