Blackstone Real Estate Partners has invested $2bn (β¬1.8bn) in the US multifamily sector.
The investment managerβs eighth fund has bought a 32-asset portfolio from Real Estateβs Equity Partners VII vehicle.
Greystar will continue to manage the 10,399-unit portfolio, which includes mid-rise, high-rise and garden-style apartment buildings in Seattle, San Francisco, Los Angeles, South Florida, New York and Boston.
The sellerβs VII fund, a $600m fund, held its final close in 2011, with commitments from global institutional investors.
The companyβs Equity Partners VIII, an $800m successor fund that closed in June last year, is fully invested.
Bob Faith, chairman and chief executive at Greystar, said the company continued to believe in the long-term fundamentals of the multifamily industry, given βstrong secular demand trends and barriers against widespread over-developmentβ.
Blackstone is in New York housing with IvanhoΓ© Cambridge.
The joint venture with the Caisse de dΓ©pΓ΄t et placement du QuΓ©bec subsidiary is buying the scheme, known as Stuyvesant Town and Peter Cooper Village, from CW Capital.
