Cases & Deals

Greystar sells multifamily properties to Blackstone for $2 billion

Clients Greystar Real Estate Partners, LLC

Jones Day advised a private REIT managed by Greystar Real Estate Partners in the sale of a national portfolio of 32 institutional quality multifamily apartment communities with 10,399 units located in 12 states including California and Texas to an affiliate of Blackstone Real Estate for a cash sale price of $2 billion, making it one of the largest multifamily sales of 2015. Twenty-five of the properties were wholly-owned, and seven of the properties were owned in a joint venture with an affiliate of Lubert Adler.