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Blackstone Real Estate pays $139M for Miami-Dade County, Fla., apartment asset

Blackstone Real Estate Income Trust Inc. purchased the Signature at Kendall apartment property in southwest Miami-Dade County in Florida in two separate transactions valued at about $138.9 million, the South Florida Business Journal reported.

The trust's BREIT MF Kendall Phase I LLC unit picked up the first phase of the property, comprising 396 apartment units at 8881 S.W. 172nd Ave. from CC Kendall Residential LLC, while its BREIT MF Kendall Phase II subsidiary bought the second phase totaling 150 units from CC Kendall II LLC.

The project was developed by CC Residential and Ares Real Estate Group, according to the publication.