Cityview pays $63M for Blackstone apartment portfolio in LA an WeHo
Asset sales will help recapitalize the buyer’s recently closed discretionary fund
Cityview has picked up six apartment buildings in Los Angeles and West Hollywood for a combined $63 million.
The Century City-based multifamily investor bought the portfolio of buildings, including an eight-unit Mid-century complex at 7976 Norton Avenue, in West Hollywood, CoStar News reported, citing public records. The other properties were not disclosed.
The seller was Blackstone, based in New York. A Blackstone spokesperson declined to comment on the deal.
Cityview told CoStar the deal helped it recapitalize a “six-asset portfolio” through its recently closed discretionary fund. The name of the fund was not disclosed.
Executives at Blackstone have lately said they’re confident more real estate deals will occur this year, following last year’s slowdown led by rising interest rates and uncertainty in the market.
Last year, U.S. real estate deals involving private equity investment funds were down 45 percent from 2022, according to CoStar.
Blackstone President Jon Gray said in a third-quarter earnings call that there would be “real estate to buy and real estate to sell” in the months ahead as Blackstone sits on $66 billion in reserves.
Last month, Blackstone and Digital Reality announced the development of 10 hyperscale data centers across four campuses in Frankfurt, Paris and northern Virginia for $7 billion.
At the same time, Blackstone’s 68-acre, 10-building office park in Las Vegas now sinks toward default.
Blackstone’s global real estate portfolio is valued at $579 billion, according to its website.
Cityview, founded in 2003, manages more than 5,200 apartments, including more than 1,600 units in active renovations, plus more than 1,500 units under development, according to its website.
In July, the developer filed plans to build a 140-unit development in Downtown Walnut Creek, in the Bay Area.
— Dana Bartholomew