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Blackstone’s $1.7B Apartment Deal

Jon Gray

Single-family giant Blackstone’s Chicago-based multifamily unit, LivCor (formed in a $2.3B deal in ’13 with assets from GE), will soon have 43,000 apartments under management thanks to Blackstone’s $1.7B acquisition of 36 apartment properties (11,000 units) nationally, Bloomberg reports. (Pictured: Blackstone global head of real estate Jon Gray.) The seller is New York-based Praedium Group, and the garden-style properties are primarily in California, DC and Boston (new markets for LivCor).

LivCor’s still small-time compared to Chicago-based EQR (110,000 units), but it shows Blackstone’s diversified rental strategy, across both Invitation Homes (where it rents out more than 40,000 rental homes) and LivCor’s traditional multifamily offerings. (A menu that would appeal to Millennials and Boomers, and everyone in between.)