Blackstone Real Estate Partners is investing $750m (€690m) in a US apartment portfolio, according to sources familiar with the deal.
Blackstone declined to comment.
Blackstone acquired the portfolio of apartments for its latest opportunistic fund, Blackstone Real Estate Partners VIII, for which the manager raised $15.8bn in October last year.
Bridge Investment Group Partners, represented by Key Bank, was the seller of the 16-asset portfolio.
The portfolio of more than 5,000 units varies in occupancy from 93% to 95%.
The assets are spread across the US, with the largest concentration of properties being in the State of Washington, where seven complexes are located.
Other properties in the portfolio are in Southern California, Oregon and North Carolina.
Bridge Investment Partners accumulated the portfolio for its ROC Multi-family Office Fund 2.
The manager decided to sell it as the life of the fund was coming to an end.
The real estate firm raised $595m of equity for the value-add fund in a final closing in 2013, according to its website.
Its investors included high net worth and other institutional investors in the US, Europe, Australia and Asia.