Citation: Catherine Reagor, Arizona Republic
(Originally Posted on AZCentral August 20, 2018)
One of world’s largest real estate investors just went on an apartment-buying spree in metro Phoenix, purchasing six apartment complexes for almost $311 million.
New York-based Blackstone Group closed on the apartments spanning from Surprise to Chandler on Monday, according to public real estate records.
This big acquisition comes after Blackstone spent $120 million to buy nine Valley mobile-home parks, mostly in Mesa and Apache Junction, during June and July. And in July it bought a Glendale apartment complex for $64.5 million.
In April, Blackstone paid $403 million for the iconic Arizona Biltmore resort in Phoenix.
Blackstone, which snatched up millions of dollars worth of Valley foreclosure homes during the crash and owns part of rental firm Invitation Homes, declined to comment on its recent purchases.
The publicly-traded Blackstone now has a deep stake in metro Phoenix’s rental market, which is much less affordable than it was five years ago.
Growth forecasts for the Valley are likely a factor in the investor’s recent purchases.
Arizona’s population is expected to grow by 1 million residents and nearly 543,000 jobs by 2026, based on a 10-year estimate from the state Office of Economic Opportunity.
The apartment complexes Blackstone purchased include: Stadium Village in Surprise, Finisterra in Tempe, Sierra Foothills in Phoenix, Lumiere in Chandler, Sierra Canyon in Glendale and Waterford at Peoria, according to public records.
JLL directors John Cunningham and Charles Steele handled the 1,751-unit apartment deal for the sellers New York-based DRA Advisors and Dallas-based Milestone Group.