Blackstone Acquires Assets in Huge AIG Housing Portfolio
December 21, 2021 | Donna Kimura | Affordable Housing Finance
Blackstone Real Estate Income Trust (BREIT) has taken over interests in a massive affordable housing portfolio from American International Group (AIG).
Officials recently closed on the previously announced $5.1 billion sale involving approximately 80,000 units across more than 650 assets nationwide. CBRE Capital Advisors in partnership with CBRE’s affordable housing team.
“Blackstone has a long history as a responsible owner of affordable rental housing, including through the preservation of 5,000 units of rent-restricted housing at StuyTown in New York City,” said Blackstone officials. “At StuyTown, we have invested over $260 million to improve the property, and residents are twice as satisfied with their living experience under our ownership.”
