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Blackstone REIT Bags 1,750-Unit Multifamily Portfolio in Phoenix for $311M

Blackstone Real Estate Investment Trust Inc. acquired a portfolio of six metro Phoenix apartment communities totaling 1,751 units from a fund managed by New York-based DRA Advisors LLC and its JV partner, Dallas-based Milestone Group, for a reported $311 million.

JLL’s John Cunningham and Charles Steele arranged the sale and financing. “This portfolio provides new ownership with scale, all within premium submarkets allowing for the repositioning of each asset,” said Cunningham.

The value-add properties were built between 1997 and 2009 and include:

  • The Residences at Stadium Village, a 382-unit community in Surprise
  • Sierra Canyon, a 236-unit community in Glendale
  • Finisterra, a 356-unit property in Tempe
  • Waterford at Peoria, a 200-unit community in Peoria
  • Sierra Foothills (pictured), a 322-unit community in Phoenix
  • Lumiere Chandler, a 255-unit community in Chandler

New York-based Blackstone REIT is a publicly registered non-traded REIT sponsored by private equity firm, The Blackstone Group.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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