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