Blackstone Acquires $2B Multifamily Portfolio from Greystar

Posted on Dec 14 2015 - 10:35pm by Brandon De Hoyos

Money and Real Estate Contracts(NEW YORK, N.Y.)— Blackstone Group has announced it has acquired a $2 billion apartment portfolio from Greystar Real Estate Partners, LLC.

The Charleston, S.C.-based Greystar is shedding 10,399 units across 32 properties in the deal, located in popular markets including Seattle, San Francisco, Los Angeles, Boston and New York, SeekingAlpha reports.

The units include a mix of mid-rise, high-rise and garden-style buildings, which will continue to be overseen by Greystar.

The deal represents nearly a fifth of Blackstone’s current portfolio of 55,000 units.

Greystar CEO Bob Faith says his company is “pleased with the outcome” of the deal.