Blackstone Group to buy 66 apartment complexes in San Diego for more than $1 billion
The purchase of 5,800 units from the Conrad Prebys Foundation makes Blackstone one of San Diego’s biggest landlords
May 11, 2021 | Phillip Molnar | The San Diego Union-Tribune
Private equity giant Blackstone Group plans to purchase 66 residential complexes in San Diego County for more than $1 billion in one of the biggest real estate transactions in local history.
New York-based Blackstone is purchasing roughly 5,800 apartment units from the Conrad Prebys Foundation. It said it intends to spend $100 million to improve the new assets.
The deal makes Blackstone one of the biggest real estate holders in San Diego County. It already owns $4.5 billion in assets here — including Legoland and the Hotel del Coronado. The transaction, which also includes Los Angeles-based investment firm TruAmerica as a partner, is expected to close in the next few weeks.
