Blackstone digs deeper into SoCal with massive rental portfolio buy

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

TRD 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
From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

David Nagel

Decron Properties, in multifamily expansion mode, pushes into Warner Center

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of nation’s biggest apartment builders scores $165M refi on West LA development

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

arrow_forward_ios