Partnership buys 748 Gilbert apartments for $144.7M

Blackstone Group L.P. in New York City, N.Y. and Olympus Property in Fort Worth, Texas, paid a combined $144.7 million ($193,449 per unit) to acquire 748 apartments in two projects located in Gilbert, according to BREW.

Both communities are south of Ray Road, just west of the Loop 202 Santan Freeway. The projects were acquired in two transactions under the Blackstone Real Estate Investment Trust. The seller was Cisterra Development in San Diego, Calif. The most recent deal was $73.2 million ($200,000 per unit) for the 366-unit Vistara at SanTan Village apartments. The first sale was for $71.5 million ($187,173 per unit) to purchase a different project.

To read more, visit BREW.

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