Blackstone plans Oakland apartment project as tech boom spreads

Seattle

BLACKSTONE Group LP is working with a partner to develop a US$150 million residential and retail project in Oakland, California, as the city's real estate market benefits from the Bay Area technology boom.

Blackstone and CityView, a property company started by Clinton administration housing official Henry Cisneros, bought the land in January and want to begin construction by the end of the year, said J David Martin, chairman of the investment committee at CityView. They plan to build as many as 435 rental apartments and have about 2,230 square metres of retail space, he said.