Investors continue to buy aging properties in strong Valley market
By Angela Gonzales | Phoenix Business Journal
Blackstone Group LP, a New York-based real estate investment trust that’s been heavily investing in metro Phoenix apartments, has dropped $100 million to buy another apartment community.
Called San Valiente Luxury Homes, the 604-unit apartment community was purchased from Millburn and Co., according to Vizzda LLC real estate database.
The purchase brings Blackstone’s (NYSE: BX) ownership to more than 7,000 apartments in metro Phoenix, said Thomas Brophy, research director for Colliers International.