Blackstone Real Estate Income Trust Acquires South Florida Affordable Housing Portfolio For $300M
SOLD
$300,000,000
National
See Similar DealsSold 01/19/2022
SOLD
Blackstone Real Estate Income Trust Acquires South Florida Affordable Housing Portfolio For $300M
Sold 01/19/2022
Summary
Transaction Type:Sale
The South Florida Affordable Housing Portfolio has been sold for a total of $300,000,000. This multifamily asset consists of 2,696 units and is located in Princeton, Biscayne Shores, West Little River, Pompano Beach, North Lauderdale, Hallandale Beach, Oakland Park, Coconut Creek, Boynton Beach, Palm Springs, and West Palm Beach. The sale took place on January 19, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $300,000,000
- Buyer: Blackstone Real Estate Income Trust - Stephen Schwarzman
- Seller: The Cornerstone Group - Lenny Wolfe
Stephen Schwarzman, representing Blackstone Real Estate Income Trust, acted as the buyer in this transaction. On the other hand, Lenny Wolfe, from The Cornerstone Group, represented the seller. The deal represents a significant investment in the South Florida Affordable Housing Portfolio.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,000,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,065,836.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,422,153.05
Annual Debt Service$17,065,836.63
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