August 9, 2018
Blackstone Real Estate Investment Trust Inc. acquired a portfolio of six metro Phoenix apartment communities totaling 1,751 units from a fund managed by New York-based DRA Advisors LLC and its JV partner, Dallas-based Milestone Group, for a reported $311 million.
JLL’s John Cunningham and Charles Steele arranged the sale and financing. “This portfolio provides new ownership with scale, all within premium submarkets allowing for the repositioning of each asset,” said Cunningham.
The value-add properties were built between 1997 and 2009 and include:
- The Residences at Stadium Village, a 382-unit community in Surprise
- Sierra Canyon, a 236-unit community in Glendale
- Finisterra, a 356-unit property in Tempe
- Waterford at Peoria, a 200-unit community in Peoria
- Sierra Foothills (pictured), a 322-unit community in Phoenix
- Lumiere Chandler, a 255-unit community in Chandler
New York-based Blackstone REIT is a publicly registered non-traded REIT sponsored by private equity firm, The Blackstone Group.
For comments, questions or concerns, please contact Dennis Kaiser