Blackstone Real Estate Partners VIII LP has purchased a multifamily portfolio made up of 16 properties from Bridge Investment Group Partners for $748 million. Paying $46.750 million per property, the acquisition consists of a total of 5,294 garden-style apartments in Seattle, Portland, Southern California, Phoenix and Raleigh. Bridge Investment’s in-house property management affiliate has been retained by Blackstone to manage the assets post-closing. Bridge Investments were represented by KeyBanc Capital Markets during the transaction.
“Our team worked diligently to assemble and optimize a nationally-diversified portfolio of assets, leveraging our deep knowledge of local markets, industry relationships, and extensive operational expertise,” Jonathan Slager, co-chief investment officer of Bridge’s multifamily and commercial office investment vertical, said. “We are pleased with the performance and long-run fundamentals of each asset, and believe the substantial interest in the portfolio speaks to Bridge’s successful and streamlined approach to the value-add process.”
