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Blackstone splashes $170M on 3 Las Vegas apartment complexes

Blackstone Group LP closed the $170 million purchase of three Las Vegas Valley apartment complexes from Nevada West Partners developer Martin Egbert on May 19, the Las Vegas Review-Journal reported, citing property records.

The private equity firm bought the 972-unit portfolio, which includes Union Apartments and SW, in the southwest valley, and Dream, in Henderson, for an average of $174,900 per unit, according to the report.

The properties were about 93% to 94% occupied at the time of sale, the publication reported, citing Newmark Grubb Knight Frank listing broker Doug Schuster.