BOSTON, MA - TA Realty, a leading provider of real estate investment management services to institutional and private investors, announced that, on behalf of The Realty Associates Fund IX, L.P. (“Fund IX”), it has sold a six-property, 2,514-unit multifamily portfolio to Blackstone Real Estate Income Trust for approximately $430 million.
“We believe the outcome of this transaction represents compelling value for Fund IX investors,” said 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.”
The apartment communities that comprise the portfolio are located across four states in high-barrier-to-entry markets, including Dallas, Chicago and Orlando metros. These markets are supported by favorable demographic trends and positive economic indicators.
Fund IX is part of TA Realty’s flagship fund series that focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. A commingled fund with $1.49 billion in equity capital, Fund IX received commitments from a diverse group of institutional investors.
The TA Realty team members involved in the transactions include Partners Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and Dispositions Officer Luke Marchand. JLL represented TA Realty in transaction negotiations.