Blackstone sells practically $1 billion condo portfolio to Fairness Residential

“This transaction represents a superb end result for our buyers and demonstrates the robust institutional demand for high-quality belongings,” senior managing director Asim Hamid stated in Blackstone’s media release. “Rental housing stays one among our highest-conviction themes, and we proceed to see robust fundamentals in enticing markets. We’re happy to have labored with EQR on this transaction, who might be a superb steward of those properties going ahead.”

The properties, averaging eight years outdated, are seen as a beautiful alternative to increase Fairness Residential’s footprint in high-growth markets and add to its portfolio of high-end rental properties.

“We’re happy so as to add these high-quality, well-located properties to our rising portfolios in Atlanta, Dallas/Ft. Value and Denver at pricing that’s enticing in comparison with substitute prices,” stated Alec Brackenridge, government vice chairman and chief funding officer of Fairness Residential. “This transaction is a major step in our objective of producing a better share of our annual web working earnings from these robust development enlargement markets.”

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The portfolio sale additionally comes as Fairness Residential reaffirms its beforehand issued earnings steerage for the second quarter of 2024. The corporate stated the transaction won’t affect its beforehand introduced monetary projections.