Real Estate Bisnow Los Angeles – Blackstone Fund Completes $570M Deal for Apartment Portfolio

A partnership between Phoenix Realty Group and Blackstone Real Estate Partners VIII has acquired a $570M multifamily portfolio consisting of 16 Class-B assets with 3,800 apartment units, located in some of the strongest multifamily markets in the nation, comprising Southern California, including LA Metro, Inland Empire, Riverside, Orange County and San Diego, as well as Denver and South Florida. The seller – two closed-end private equity funds managed by PRG – sold the portfolio because its investment period had ended.

This is an excerpt of the article “Blackstone Fund Completes $570M Deal for Apartment Portfolio” which appeared in Real Estate Bisnow Los Angeles on Nov. 24, 2015.