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Blackstone affiliates pay $211.5M for Hawaii rental homes

An affiliate of Blackstone Group LP acquired a 520-unit rental homes portfolio in West Oahu, Hawaii, for $211.5 million, Pacific Business News reported, citing public records.

Rockpoint Group LLC sold the three-phase Kalaeloa Rental Homes property to three ownership entities tied to BPP Kalaeloa Mezz LLC in a deal that closed May 2. Kalaeloa was previously the Barbers Point Naval Air Station, and the homes were military apartments.