NY investor buys more Phoenix apartments — this time for $100M

San Valiente is located in the Metrocenter submarket near Interstate 17 at 2220 W. Mission Lane.

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.

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