October 30, 2016
Blackstone Real Estate Partners has struck a deal with Bridge Investment Group Partners to acquire the latter’s 16-property multifamily portfolio. Buyer Blackstone will pay $750 million for ownership rights to the portfolio, which consists of apartments throughout the United States.
The portfolio of more than 5,000 units has an average occupancy between 93%-95%. The largest concentration of assets is in Washington State, in which seven of the complexes are located. Bridge Investment Partners accumulated the portfolio for its ROC Multi-family Office Fund 2, which is coming to an end.
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