Blackstone AIR Communities
Anyone underwrite this and have an idea what Blackstone paid on a Yr 1 yield basis? Green Street says 5.2 but hearing it was more like upper 5s
Anyone underwrite this and have an idea what Blackstone paid on a Yr 1 yield basis? Green Street says 5.2 but hearing it was more like upper 5s
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Not sure about yield, but based on public info:
- AIR owned 27,010 units, spread across 76 properties
- BX paid $10B or $370,233 per unit
- BX plans to invest $400M or $14,809 per unit in rehab
In my personal opinion, $370K per unit is a premium for class a multifamily, in addition to investing $14K a unit in rehab. BX must be extremely bullish on outlook ahead for class a rental housing.
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