4-State, 2,515-Unit Portfolio Commands $430M
- Apr 20, 2017
Blackstone Real Estate Income Trust has acquired a six-property, 2,514-unit multifamily portfolio from The Realty Associates Fund IX, LP for some $430 million.
The fund is part of TA Realty’s flagship fund series that focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. JLL represented TA Realty in transaction negotiations.
“We believe the outcome of this transaction represents compelling value for Fund IX investors,” Tom Landry, TA Realty’s managing partner, said. “The price we were able to command for this well-located portfolio of apartment communities reflects the significant value created through strategic operational and capital improvements over the ownership period.”
The communities are situated in Texas, Florida, Kansas and Illinois in high-barrier-to-entry markets, including Dallas, Chicago and Orlando metros. According to Landry, each of these markets are supported by favorable demographic trends and positive economic indicators.
A commingled fund with $1.49 billion in equity capital, Fund IX received commitments from a diverse group of institutional investors.
The TA Realty team members involved in the transactions included partners Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and dispositions officer Luke Marchand.