30 October 2016

Blackstone Group LP's Blackstone Real Estate Partners, the world's largest real estate investment firm, is purchasing a 16-property apartment portfolio in the U.S. from affiliates of Bridge Investment Group Partners. The total price for the transaction, including transactions three of the properties still pending closing, has been reported at $750 million. [Viletta location in Mesa]

Twelve properties, totaling 4,024 units, sold, per public record, for a total price of $553.375 million, or an average of approximately $138,000 per unit across the portfolio, with prices ranging from $75,355 per unit for the 352-unit Viletta in Mesa, Arizona, to $252,842 per unit for the 264-unit Presidio at Rancho Del Oro in San Diego.

The acquisition was financed with a combination of new Fannie Mae debt and assumed Fannie Mae loans on several of the properties in Washington.
ROC II, a closed-end private equity fund managed by Bridge Investment Group Partners, was the seller. . . .
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Utah Firm Purchases Country Club Verandas in Mesa, Arizona
Weidner Property Management Sells 348-Unit Apartment Complex for $49.6 Million

Bridge Investment Group, a privately-held investment management firm based in Sandy, Utah, with $20.1 billion in assets under management, has purchased Country Club Verandas in Mesa, Arizona, from Weidner Property Management for $49.6 million, or about $143,000 per unit.
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Bridge Investment targets $500M in Opportunity Zone possibilities

Opportunity Zones map and Bridge Investment Group chairman Robert Morse
Salt Lake City-based Bridge Investment Group will launch what it’s calling an Opportunity Zones initiative, targeting $500 million in “attractive opportunities” across the U.S.
The Opportunity Zones plan, part of President Trump’s tax overhaul, gives tax incentives to developers and investors for building in low-income areas. There are over 8,700 designated Opportunity Zones across nationwide.