TOKYO—In Japan’s largest commercial property transaction of the year to date, the Blackstone Group is buying GE Capital’s multifamily business for approximately US $1.6 billion, or more than 190 billion yen. The deal for more than 10,000 residential units across 200 properties primarily in Tokyo, Osaka, Nagoya and Fukuoka signals a greater focus on Asian markets for the New York City-based asset management firm.

Alan Miyasaki, a Singapore-based senior managing director who oversees Blackstone’s real-estate acquisitions across Asia, says the firm continues “to believe strongly in the residential sector’s fundamentals, especially in Japan’s major cities.” In an interview with the Wall Street Journal, Miyasaki said he likes the sector’s stability and the geographic diversity of the portfolio. The properties that Blackstone is acquiring from GE Japan Corp., through funds affiliated with Blackstone Real Estate Partners Asia, are mainly standard, non-luxury apartment units.

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