Blackstone Group Acquires San Diego Multifamily Portfolio For $1B

The Blackstone Group, represented by Stephen Schwarzman and Kathleen McCarthy, has acquired a multifamily property in San Diego. The property was sold by the Conrad Prebys Foundation for a sale price of $1,000,000,000. The transaction took place on May 13, 2021, and includes a total of 5,800 units across 66 different complexes throughout the city.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $1,000,000,000
• Units: 5,800
• Price Per Unit: $172,413

Stephen Schwarzman and Kathleen McCarthy represented the Blackstone Group in the acquisition of this multifamily property. The Conrad Prebys Foundation served as the seller in the transaction. With a portfolio consisting of 66 different complexes, this investment provides a significant presence for Blackstone Group in the San Diego market.