Blackstone Group has been an active investor in Southern California real estate in the last few years, but now has made one of its biggest moves.
The company acquired four Los Angeles-area rental complexes totaling 862 units from TruAmerica Multifamily, a frequent partner.
The deal totaled $312 million, more than 50 percent over the amount the Century City-based TruAmerica paid for all four in early 2015.
A spokesperson for Blackstone would not comment on the deal. TruAmerica could not be immediately reached for comment.
A few days after the portfolio deal closed, TruAmerica picked up three North Carolina apartment complexes totaling 830 units for $108.7 million. The company is still buying up properties in Southern California. Last year, it acquired two apartment complexes in Orange County, one in Fountain Valley and another in Huntington Beach, for around $176 million total.
The largest of the four properties in the recent portfolio sale, both in terms of sale price and unit count, is the Vicino Apartments. It spans 14 acres at 12350 Del Amo Boulevard in Lakewood. The 368-unit complex includes an unspecified number of condominium units.
In the suburban span of northwest San Pedro, Blackstone picked up the 160-unit Harborview Apartment complex for $68.8 million. The complex dates from 1984 and spans 7.6 acres, according to L.A. County records.
The two other are neighboring apartment complexes in Santa Clarita — the 176-unit Canyon Ridge Apartments and 158-unit Canyon Crest Apartments. The two sit just off Newhall Avenue near California Route 14 and its split with Interstate 5. Blackstone paid roughly $51 million for each.
In February, Blackstone unloaded a 210,000-square-foot office building in Santa Clarita for $42 million.