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Thursday, 20 April 2017

Blackstone's Non-Traded REIT Pays $430Mln for Apartment Portfolio

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Commercial Real Estate Direct Staff Report

Blackstone Real Estate Income Trust Inc. has paid a fund managed by TA Realty $430 million for a portfolio of six apartment properties with 2,514 units.

The non-traded REIT, which Blackstone Group launched only late last year, had raised $279 million during the fourth quarter, making it the most-active non-traded REIT in that metric, according to Summit Investment Research.

It bought the portfolio from TA's Realty Associates Fund IX LP, which had raised $1.5 billion of capital commitments in 2008. JLL represented TA Realty in the transaction.

The properties have a weighted average occupancy rate of 93 percent, with average monthly rents of $1,404/unit. They're in Florida, Illinois, Texas and Kansas.

Blackstone said it funded the purchase with a draw against a $95 million line of credit it has.

The portfolio includes the 461-unit apartment building in Orlando, Fla., that has 70,000 square feet of ground-floor retail space occupied by 7-Eleven, Mad Cow Theater and the Rusty Spoon, among others; a 244-space parking garage, and a leasehold interest in an adjoining 868-space parking property. That ground lease requires Blackstone to...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Company: BNP Residential Properties Inc.
  • Valuation: More than $150 million
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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