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The campus was 68% leased at the time of the $91.5M sale.
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Blackstone scores another profitable sale in Vegas this year.
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The mega-investor sees opportunity in the regional banking turbulence.
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Blackstone's loan is for $271M is securitized by 637 units.
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Companies like Starwood Property Trust are slowing mortgage lending in an effort to protect their finances from defaults, which have grown more common.
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Sluggish CRE investment volumes have kept Blackstone from selling assets at the same premium they may have commanded a year ago.
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Three loans secured against industrial, student accommodation and retail parks have been extended by a year.
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Three-quarters of last month's redemption requests made of Blackstone's nontraded REIT went unfulfilled.
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Blackstone still loves industrial, rental housing and data centres, but it won't be investing much in offices any time soon.
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The bank has $73.6B in loans on its books, including $2.6B in commercial real estate loans.
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