Blackstone and Phoenix Realty Group just closed a $570M JV deal, securing a 3,800-unit, 16-property multifamily portfolio in Colorado, Florida and Southern California.
The portfolio is concentrated in the LA metro area, as well as Denver and South Florida—areas Blackstone considers some of the strongest in the country.
PRG president Keith Rosenthal said the transaction was a unique opportunity to get into "higher barrier-to-entry markets." PRG manages private equity real estate funds that focus on residential, commercial and mixed-use developments.
For Blackstone, the JV is the most recent in a series of big transactions for the world's largest owner of real estate, including a record-breaking $3B deal with CalPERS earlier this month. [CoStar]
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