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Blackstone to Pay Greystar $2B for 10,000 Apartments


Blackstone—the world's biggest owner of real estate—is growing even bigger, closing on a $2B, 10,000 multifamily unit portfolio acquisition from GreyStar, the company announced Tuesday.

The portfolio consists of a mix of mid-rise, high-rise and garden-style apartment buildings in suburban markets, as well as pricey ones such as San Francisco, Los Angeles, Boston, South Florida and New York.

Blackstone recently led a deal to purchase the 11,200 unit Stuyvesant Town and Peter Cooper Village in New York for $5.3B. GreyStar chairman and CEO Bob Faith said they will leverage relationships to continue exploring deals.

Under the terms of the deal, GreyStar will continue to serve as property manager, the company said. Holliday Fenoglio Fowler oversaw the deal’s competitive bidding on behalf of Greystar.