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Blackstone Real Estate pays $57M for Calif. apartment complex

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Blackstone Real Estate pays $57M for Calif. apartment complex

An entity of private equity giant Blackstone Group LP paid $56.7 million for the acquisition of the Miro Apartments complex in Santa Fe Springs, Calif., from real estate investor Praedium Group LLC, The Real Deal reported, citing property records.

Blackstone Real Estate Income Trust Inc. obtained a $28.2 million loan from California Bank and Trust for the purchase of the 100-unit property.

Fairfield Residential Co. LLC built Miro Apartments in 2015 and sold it to Praedium for $47 million in 2016, according to the publication, which cited Bisnow.

The complex at 12257 Heritage Springs is part of the larger 5.8-acre Village at Heritage Springs master-planned community, the March 12 report added.