Blackstone buys 6-property portfolio for $311M
The multi-family market in the Valley has reached a fever pitch, as a six-property portfolio was purchased by the Blackstone Real Estate Income Trust for $311 million.
The portfolio consists of 1,751 units spread across the Valley, making the average per unit price $177,613.
The sellers, DRA Advisors LLC of New York City and their joint-venture partner, Dallas-based Milestone Group were represented in the transaction by JLL managing directors John Cunningham and Charles Steele.
“This portfolio provides new ownership with scale all within premium submarkets allowing for the repositioning of each asset,” said Cunningham.
The properties are: The Residences at Stadium Village, a 382-unit community in Surprise; Sierra Canyon, a 236-unit community in Glendale; the 356-unit Finisterra in Tempe; Waterford at Peoria, a 200-unit community in Peoria; Sierra Foothills, a 322-unit community in Phoenix; and Lumiere Chandler, a 255-unit community in Chandler. The communities were built between 1997 and 2009.
According to a Business Real Estate Weekly of Arizona report, DRA Advisors and Milestone Group purchased the six properties in 2002 for $179.25 million.
That same report broke down the purchase price of the individual properties. Those sale totals are:
The Residences at Stadium Village: $67,848,087
Sierra Foothills: $57,191,319
Lumiere Chandler: $45,291,262
Sierra Canyon: $41,916,619
Waterford at Peoria: $35,522,559
The report also says that since January of 2017, Blackstone Real Estate Investment Trust Inc. has invested $649 million to purchase 3,751 units spread out among 12 properties in the Valley.