Blackstone sells 4,600 US flats for US$650m

Los Angeles

BLACKSTONE Group, the biggest private equity investor in real estate, sold more than 4,600 US apartments to capitalise on strong demand for rental housing as it begins investing a new global property fund.

The price was more than US$650 million, said a person with knowledge of the transaction who asked not to be identified because the details aren't public. The buyers are closely held Strata Equity Group and investors from Mexico, the San Diego-based company said on Tuesday in a statement, without disclosing terms. Peter Rose, a spokesman for New York-based Blackstone, declined to comment on the deal.