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The joint venture partners state their total investment in the properties, including the purchase price and planned capital improvements, will exceed $100 million.
AEW Capital Management of Boston acquired the portfolio's 28 Texas-based properties, while funds managed by The Blackstone Group of New York City purchased the portfolio's 68 properties located in 10 high-growth markets across the United States.
The mayor in her address outlined her administration's efforts to identify more than $100 million in savings and efficiencies over the first 100 days and the work that remains to balance next year's budget.
"Over the last decade, the environmental remediation industry has learned a lot about what SRRA covers and where it fell short," Richardson said. "This update to the legislation dots the i's and crosses the t's, directly pulled from our lived experience with the requirements."