Blackstone Real Estate Income Trust Acquires South Florida Affordable Housing Portfolio For $300M

$300,000,000

Units

2,696

Asset Type

—

Closing

Jan 19, 2022

AI

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.

Players