Back in October 2016 they sold the 352-unit Viletta location in Mesa's Fiesta Neighborhood to The Blackstone Real Estate Partners . . . 3 weeks ago they purchased Country Club Verandas for $49.6M (see below)
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]
The 348-unit Country Club Verandas apartment complex in Mesa, Arizona, was built in 1985. (IPA)
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.
A $12 billion real estate investment and management firm is the latest player looking to capitalize on the Opportunity Zones tax incentive development program.
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]
News of the deal was first reported by IPE Real Estate and picked up by SNL, an affiliate of S&P Global Market Intelligence.
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.
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.
In addition to these properties, there are also properties owned under contract and expected to close by the end of November, including the 496 unit Redlands in San Bernardino and the Ellicot’s Crossing and Pinnacle Grove apartment complex in Phoenix.
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. . . .
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
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.
A $12 billion real estate investment and management firm is the latest player looking to capitalize on the Opportunity Zones tax incentive development program.