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Blackstone is set to become one of the largest apartment owners in San Diego. The New York-based private equity investor has announced plans to purchase a 66-property apartment portfolio from Conrad Prebys Foundation for $1 billion, according to the San Diego Tribune. It is the largest transaction in San Diego history. Blackstone is purchasing the assets in partnership with TruAmerica Multifamily.

The deal totals 5,800 apartment units, bringing Blackstone’s total market share to 6,700 units with a value of more than $5 billion. The investor plans to make $100 million in improvements on the properties, which are all described by the newspaper as market-rate units. In addition, Blackstone plans to partner with Pacific Housing to provide residents with essential services, including after-school tutoring and financial literacy classes as well as health and wellness programs. These will come at not cost to residents.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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