Updated: TA Realty Continues Squandering Property Fund; Sells Multifamily Portfolio to Blackstone REIT for $430 Million

Portfolio Comprised of Six Apt. Communities Totaling 2,514 Systems

In its 2nd big property personality this spring, TA Realty LLC offered a six-property, 2,514-unit multifamily portfolio to Blackstone Real Estate Earnings Trust for $430 million.

TA Real estate offered the portfolio on behalf of The Real estate Associates Fund IX LP. Previously this month, TA Realty offered a 45-property industrial and workplace portfolio from the fund to Brookfield-managed realty funds for $854.5 million.

Realty Associates Fund IX was formed in 2007 and has hit a 10-year financial investment cycle.

“Our company believe the result of this transaction represents engaging value for Fund IX investors,” said Tom Landry, handling partner at TA Realty. “The rate we had the ability to command for this well-located portfolio of apartment communities reflects the considerable value created through strategic functional and capital enhancements over the ownership period.”

The apartment or condo communities that comprise the portfolio are located across four states in such major markets as Dallas, Chicago and Orlando. Though TA did not recognize the private homes, the offer includes a 461-unit complex in Orlando that sold for $105 million ($227,765/ unit) last week, according to CoStar (See Sales COMPENSATION # 3882359).

Blackstone REIT is likewise accquring the following properties.The Maintain at Osprey,

Gurnee, IL, 483 systems;
San Merano at Mirasol, Palm Beach Gardens, FL, 479 units;
Estates at Park Opportunity, Orlando, FL, 432 systems;
Keller Springs Apartments, Dallas, TX, 353 units; and
West End at City Center, Lenexa, KS, 309 systems.

[Editor’s Note: This story was upgraded April 20 with the full list of homes acquired.]

The TA Real estate staff member involved in the deals consist of partners Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and dispositions officer Luke Marchand. JLL represented TA Realty in the sale.

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