Mark Heschmeyer and Andria Cheng | CoStar News |
Blackstone Group has sold a majority stake in an 11-property multifamily portfolio in New York as the world’s largest commercial real estate owner focuses more on residential rental investments across growing Sun Belt markets and other property types such as data centers.
The move comes as New York-based Blackstone, like most landlords, also has been dealing with looming loan payments in a challenging economic environment with higher interest rates that raise borrowing costs, especially for floating-rate debt.
“This legacy urban apartment investment faced challenges because significant capital was required to bring the 60+-year-old product up to our standards and is not representative of the strength we’re seeing in our broader rental housing portfolio, which is nearly 40 years newer on average and highly concentrated in the Sun Belt,” a spokesperson for Blackstone told CoStar News in an email.
