Exclusive: Greystar, Blackstone Trade Nearly 1,000 Units
The apartments are in metro Charlotte, N.C., and Denver.
Greystar has acquired three assets totaling 988 units across Colorado and North Carolina, according to Yardi Matrix data. Blackstone sold the trio for an aggregate price of $218.6 million. PGIM issued a $101.8 million Fannie Mae loan and two Freddie Mac notes totaling $66 million.
Two of the properties, dubbed Avana Creekside and Avana Reserve, are in metro Charlotte, N.C., and debuted between 1996 and 1997. The duo, which sold for a combined $74.6 million, consists of 476 apartments, the data provider shows. Blackstone acquired these properties between 2020 and 2022.
The Colorado asset fetched the highest price, selling for $144.1 million, the same source reveals. Avana Belmar encompasses 512 units in Lakewood, Colo., a suburb of Denver. Blackstone sold this nearly four-decade-old asset after a three-year hold period.
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Greystar is actively involved in Charlotte’s market. Just last week, it sold a 348-unit property, dubbed Axis at the Park, for $68 million. Sherman Residential acquired that asset, aided by a $47.2 million acquisition loan issued by Jackson National Life Insurance Co.
Two similar, supply-burdened markets
Both Charlotte and Denver are dealing with a supply glut that’s placing downward pressure on advertised rents. While completions across each metro made up more than 6 percent of their respective total stock on a trailing 12-month basis in September, year-over-year rates were in the negative, a recent Yardi Matrix report reveals.
Demand showed resilience as Charlotte’s occupancy grew 60 basis points year-over-year in August, while Denver’s ticked down just 10 basis points during the same period, the same source shows.
Meanwhile, property values improved as the average price per unit ticked up across each market. Charlotte witnessed the steepest increase at 41.3 percent during the first three quarters compared to the same period of last year. Denver’s apartments also got more expensive, but by a smaller margin of 2.5 percent, according to the data provider.
Even though assets got pricier across both markets, the multifamily transaction volume did not necessarily follow a uniform path. Charlotte’s figure did increase 28.7 percent year-over-year, landing at $1.2 billion year-to-date through September, while Denver’s investment contracted 44.4 percent, dropping to $1.7 billion.
