Blackstone REIT picks up 100-unit complex in Gateway Cities

BREIT paid Praedium Group $57M for the Miro Apartments

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.

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