Blackstone Makes MF Bulk Buy from Greystar

NEW YORK CITY—Continuing to make inroads into the multifamily sector, the Blackstone Group has agreed to acquire a 32-property, 10,399-unit multifamily portfolio from Greystar Real Estate Partners for $2 billion. The sale to Blackstone Real Estate Partners VIII is being consummated via Greystar Equity Partners VII, whose investments are now fully monetized.

“We worked diligently to assemble a high-quality portfolio of well-located apartment communities in major institutional markets,” says Bob Faith, Greystar’s chairman and CEO. “We are very pleased with the outcome of the transaction and believe the level of interest this portfolio generated is a testament to our core competency of sourcing underperforming assets and creating value through operational improvements and comprehensive capital renovation strategies.”