BREIT Sells Eight-Property $845 Million Portfolio to Brookfield Properties

Blackstone Real Estate Income Trust, a publicly registered non-listed real estate investment trust sponsored by private equity giant The Blackstone Group (NYSE: BX), sold eight properties this month to Brookfield Properties for a total of $845 million.

A subsidiary of Brookfield Asset Management, Brookfield’s acquired assets range in location: Arizona, Nevada, North Carolina, and Ohio. The properties are:

• The Gardens, a 1,064-unit complex in Columbus, Ohio;
• San Valiente, a 604-unit apartment in Phoenix;
• Xander 3900, a 480-unit apartment in Las Vegas;
• The Met, a 480-unit property in Las Vegas;
• Ashford Place, a 452-unit apartment in Charlotte, N.C.;
• Crosstown at Chapel Hill, a 411-unit apartment in Chapel Hill, N.C.;
• Vintage Pointe, a 368-unit property in Las Vegas; and
• Monaco Park, a 284-unit asset in Las Vegas.

In other news previously reported by The DI Wire, BREIT had a total aggregate NAV of approximately $55.3 billion as of Oct. 31, 2024, an increase of 0.13% month-over-month. It recently highlighted its performance and positioning, noting it delivered a +2.4% Class I return year-to-date and a +9.8% Class I annualized net return since inception, approximately 50% higher than publicly traded REITs and around three times the return of private real estate.

The REIT estimated that 90% to 100% of distributions for the year ended Dec. 31, 2024, will be characterized as return of capital for federal income tax purposes.

BREIT is currently offering on a continuous basis up to $60 billion in shares of common stock, consisting of up to $48 billion in shares in its primary offering and up to $12 billion in shares pursuant to its distribution reinvestment plan. As of Nov. 15, BREIT had issued and sold in the offering nearly 879.6 million shares of its common stock in the primary offering for total proceeds of $13 billion and approximately 190.3 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of $2.8 billion. As of the end of October, it had 3.96 billion outstanding shares.

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