Blackstone Real Estate Income Trust, Inc., a non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), purchased the ground lease interest in Emory Point, a mixed-use property in Atlanta, Georgia from an unaffiliated third party for $199 million, according to a filing with the Securities and Exchange Commission.
Emory Point is comprised of a 750-unit Class A+ multifamily property and 124,000 square feet of outdoor retail space. The property, which is walking distance to Emory University and the Center for Disease Control, was originally developed on land owned by Emory University.
The residential portion of the property is known locally as Gables Emory Point and features studio, one-, two-, and three-bedroom apartments, as well as two fitness centers, three saline pools, four club lounges, a pet park, and electric car charging stations.
Retail tenants at the property include Earth Fare, CVS, Loft, Papi’s Cuban Grill, Emily J Aveda Salon, and Orangetheory Fitness.
The acquisition was funded through a combination of proceeds from the offering and a $130 million loan from The Prudential Insurance Company of America. The loan has a 7-year term and an annual interest rate of 3.66 percent.
Blackstone REIT has raised a staggering $755.6 million since it was declared effective by the SEC at the end of August 2016. Last month, The DI Wire reported that the company purchased two property portfolios for a combined $832 million.
Blackstone Real Estate Income Trust is a $4 billion offering that plans to invest 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’s portfolio is comprised of seven properties with a combined acquisition price of $1.2 billion.