U.S. Markets closed

New York investor pays $311M for apartments in metro Phoenix

Angela Gonzales
American City Business Journals
New York investor pays $311M for apartments in metro Phoenix

The Blackstone Group LP (NYSE: BX) paid $311 million for six apartment properties across metro Phoenix, sending a signal the Valley is ripe for institutional investors. The New York-based private equity and asset management firm has invested nearly $1 billion in the Phoenix market so far this year, said Thomas Brophy, director of research for ABI Multifamily.