August 31, 2023
Blackstone Sells Control of 11-Property Apartment Portfolio
Deal Reflects Investment Giant's Strategy To Own Newer, Mainly Sun Belt Properties

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.

Read Full Article

Recent

Why Apollo Launched Non-traded REIT in the Eye of the Storm

Why Apollo Launched Non-traded REIT in the Eye of the Storm

Randy Anderson, partner at Apollo Global Management and co-CEO of US-based fund Apollo Realty Income Solutions (ARIS), expects to see options to invest the $409m of capital its non-traded real estate investment trust (Reit) raised over the past year.

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Subscribe Now