BOSTON — Blackstone Real Estate Income Trust has purchased a six-property multifamily portfolio that spans four states for $430 million. The assets contain a total of 2,514 units. TA Realty LLC sold the portfolio on behalf of its Realty Associates Fund IX. The assets are situated in high-barrier-to-entry markets such as Dallas, Chicago and Orlando, supported by favorable demographic trends and positive economic indicators, according to TA Realty. Although the specific properties were not disclosed, CoStar notes that TA recently sold a 461-unit complex in Orlando for $105 million. Other properties CoStar believes to be included in the acquisition are the 483-unit Preserve at Osprey in Gurnee, Ill.; the 479-unit San Merano at Mirasol in Palm Beach Gardens, Fla.; the 312-unit Mason Park in Katy, Texas; and the 309-unit West End at City Center in Lenexa, Kan. “We believe the outcome of this transaction represents compelling value for Fund IX investors,” says Tom Landry, managing partner at TA Realty. “The price we were able to command for this well-located portfolio of apartment communities reflects the significant value created through strategic operational and capital improvements over the ownership period.” This is TA Realty’s second major disposition this month. On April 4, …
