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Texas  + Dallas-Fort Worth  + Apartments  | 
BREIT sells GreenVue for $80M

Conti Capital Spends $86M on Dallas Blackstone-Owned Rental Asset

Conti Capital has purchased an $86 million apartment complex from Blackstone Real Estate Income Trust (BREIT). Built in 2015, GreenVue Apartments has 408 units. It is in the Telecom corridor at 1350 N. Greenville Ave. The complex boasts a half-court basketball court, EV charging stations as well as garage parking. It also has a pool, fitness center, business center and clubhouse.

The Dallas News reports the sale included the assumption of a $42.5 million loan and $5.3 million in new debt.

CONTI Capital’s real estate fund performance includes 4 funds, historical transaction volume over $1.4B, and the acquisition of 46 multifamily properties — totaling over 12,500 apartment units. On its website Conti Capital touts a 20% internal rate of return on its first two investment funds. It’s third fund is closed and its fourth is closing soon. BREIT says its focus on rental housing, industrial and data centers (~80%) in fast-growing Sunbelt markets, with no exposure to commodity office and malls, has driven performance.


Inside The Story

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition
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