Blackstone Real Estate Partners has invested $2bn (€1.8bn) in the US multifamily sector.
The investment manager’s eighth fund has bought a 32-asset portfolio from Greystar Real Estate’s Equity Partners VII vehicle.
Greystar will continue to manage the 10,399-unit portfolio, which includes mid-rise, high-rise and garden-style apartment buildings in Seattle, San Francisco, Los Angeles, South Florida, New York and Boston.
The seller’s VII fund, a $600m fund, held its final close in 2011, with commitments from global institutional investors.
The company’s Equity Partners VIII, an $800m successor fund that closed in June last year, is fully invested.
Bob Faith, chairman and chief executive at Greystar, said the company continued to believe in the long-term fundamentals of the multifamily industry, given “strong secular demand trends and barriers against widespread over-development”.
Blackstone is jointly investing in New York housing with Ivanhoé Cambridge.
The joint venture with the Caisse de dépôt et placement du Québec subsidiary is buying the scheme, known as Stuyvesant Town and Peter Cooper Village, from CW Capital.