Blackstone REIT picks up 100-unit complex in Gateway Cities

BREIT paid Praedium Group $57M for the Miro Apartments

TRD LOS ANGELES /
Mar.March 12, 2019 05:00 PM
Blackstone REIT CEO Frank Cohen, Praedium Group Founding Principal Russell Appel and the Miro Apartments

Blackstone’s latest Los Angeles play is for a 100-unit complex in the Gateway Cities.

Blackstone Real Estate Investment Trust picked up the Miro Apartments at 12257 Heritage Springs in the city of Santa Fe Springs for $56.7 million, property records show. New York-based private equity investor Praedium Group was the seller.

California Bank and Trust provided BREIT with a $28.2 million acquisition loan for the buy.

Other Blackstone entities have been busy in L.A. lately as well. In mid-February, Blackstone’s EQ Office subsidiary paid $166 million for the Lincoln Heights headquarters of fashion retailer Forever 21. Around the same time, EQ Office had sold off a three-building apartment complex in Echo Park for $25.5 million.

Shortly after, Blackstone Group sold off two L.A. properties — one in Westlake and another in Santa Clarita for a combined $113.6 million.

BREIT’s purchase of the Miro Apartments marks the second time the property has traded hands since developer Fairfield Residential completed it in 2015. Praedium paid Fairfield $47 million for the property in 2016, according to Bisnow.

Miro Apartments is part of the larger 5.8-acre Village at Heritage Springs master-planned community. It has one-, two- and three-bedroom units, all with balconies. Current rents range from $2,470 for a two-bedroom to $3,921 for a three-bedroom, according to the property’s website.

Amenities include a gym, pool, and 24/7 security.


Related Articles

arrow_forward_ios
Carlyle Group co-CEO Kewsong Lee, Holland Partner Group CEO Clyde Holland, and the Sofia Los Angeles (credit: North American Sekisui House, LLC)

Carlyle Group pays $273M for big apartment complex in Westlake

29th Street Capital founder Stan Beraznik, Jason de Guzman, the firm’s senior vice president for acquisitions for L.A., and the three buildings at 131, 143, and 171 S. Burlington Avenue

Westlake apartment portfolio sells a year after tenants battled landlord over rent hike

Here’s why landlords don’t hate California’s rent control bill

Barings Head of Alternative Investments Anthony Sciacca, and DWS Head of Americas Bob Kendall (Credit: Google Maps)

DWS Group pays $100M for WeHo resi complex

A rendering of Del Rey Pointe and a map of the project site (credit: LADCP)

To reach the tech giants in Playa Vista, apartment developer wants to build a bridge

WS Communities Development Manager Taylor Glieden and a rendering of the 501

WS Communities targets Santa Monica with plans for 4th resi development

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Strategic Legacy Vice President Michael Sabet and a rendering of 11410 W. Burbank Boulevard

Residential development is heating up in North Hollywood; here comes one more project

arrow_forward_ios