Blackstone digs deeper into SoCal with massive rental portfolio buy

TruAmerica sold the 4-property portfolio for $110M more than it paid

Los Angeles /
Sep.September 16, 2019 05:00 PM
Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart
Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

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.


Related Articles

arrow_forward_ios
Western National Group CEO Michael Hayde and ASB Real Estate Investments CEO Robert Bellinger with the apartments (ASB, Western National)
ASB, Western National buy Inland Empire apartment complex for $227M
ASB, Western National buy Inland Empire apartment complex for $227M
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
The lawsuit alleges that the property manager was a serial sexual harasser, frequently making unwelcome advances and surprise visits to female tenants’ homes and offering rent discounts in exchange for sex (DOJ, Getty)
Feds settle sexual harassment case with LA property manager, owner
Feds settle sexual harassment case with LA property manager, owner
The complexes at 310 and 315 South Virgil Avenue (Iconic Investments)
Xenon Investments buys 130 units in Koreatown for $41M
Xenon Investments buys 130 units in Koreatown for $41M
Blackstone Group President Jonathan Gray and Hudson Pacific Properties CEO Victor J. Coleman with the proect (Blackstone, HPP)
HPP and Blackstone plan $190M production studio complex
HPP and Blackstone plan $190M production studio complex
Trion Properties managing partners Max Sharkansky and Mitch Paskover (Trion Properties, iStock)
Trion Properties’ latest multifamily fund targets West, Southeast
Trion Properties’ latest multifamily fund targets West, Southeast
Jordan Slone of Harbor Group with the Olive Ridge complex (Harbor)
Harbor pays $47M for 220-unit complex in Pomona
Harbor pays $47M for 220-unit complex in Pomona
ShainRealty Capital managing partners Jonathan Shainberg and Elliot Shainberg (ShainRealty Capital)
ShainRealty Capital moves into Dallas with $46M purchase
ShainRealty Capital moves into Dallas with $46M purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...