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Blackstone REIT Continues to Expand $1.5 Billion Portfolio

Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), has increased its portfolio with three recent purchases totaling $317.8 million. The acquisitions include Nevada West Multifamily, Hyatt Place San Jose Downtown, and Mountain Gate & Trails Multifamily.

Nevada West Multifamily is a three-property, 972-unit Class A multifamily portfolio that includes the 324-unit Dream Apartments in Henderson, the 310-unit SW Apartments in Las Vegas, and the 338-unit Union Apartments in Las Vegas. The portfolio was purchased from Nevada West Development LLC for $170 million.

Built in 2015, the three properties are approximately 91 percent occupied and offer one-, two- and three-bedroom units with swimming pools, dog parks, picnic areas, playgrounds, fitness centers, business centers, and electric car charging stations.

Hyatt Place San Jose Downtown, which includes 236-room select-service hotel and the adjacent 261- space parking garage, is located across from the McEnery Convention Center and near corporate offices for Adobe, Ernst & Young, and Deloitte. The hotel was purchased from Waterton Property Investment Group for $64.8 million.

Mountain Gate & Trails Multifamily consists of two Class A multifamily properties, Mountain Gate and Mountain Trails, purchased for $83 million. Built in 2009, the 539-unit property is located within southwest Las Vegas’s Mountain’s Edge master planned community within close proximity to the Las Vegas Strip.

Mountain Gate & Trails is comprised of one- and two-bedroom apartments, with amenities including 24-hour fitness centers, entertainment plazas featuring a pool, a spa, and private cabanas, and a community walking and biking path that leads to nearby Exploration Park.

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 $1.5 billion portfolio consists of 10 properties, and as of July 13th, the company had raised more than $1 billion in investor equity.

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