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Blackstone buys metro Phoenix apartments for $311M

Blackstone Group LP bought six apartment properties across the metro Phoenix area for $311 million from a fund managed by joint venture partners DRA Advisors LLC and The Milestone Group Inc., the Phoenix Business Journal reported.

The 1,751-unit portfolio includes the 365-unit Finisterra at 1250 W. Grove Parkway in Tempe, Ariz., the 255-unit Lumiere Chandler at 1100 N. Priest Drive in Chandler, Ariz., and the 382-unit Residences at Stadium Village at 16485 N. Stadium Way in Surprise, Ariz.

Also included in the deal were the 236-unit Sierra Canyon at 17500 N. 67th Ave. in Glendale, Ariz., the 322-unit Sierra Foothills at 13601 S. 44th St. in Phoenix and the 200-unit Waterford at Peoria at 14109 N. 83rd Ave. in Peoria, Ariz.