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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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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







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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