BREP VII pays $2b for Greystar portfolio

Greystar Equity Partners VII, managed by Greystar Real Estate Partners, has agreed to sell a 32-property, 10,399-unit multifamily portfolio to Blackstone Real Estate Partners VIII, a fund sponsored by The Blackstone Group, for $2.0 billion, or approximately $192,000 per unit. With the sale, Greystar has successfully monetized its investments in GEP VII.   The portfolio comprises a mix of mid-rise, high-rise and garden-style apartment buildings, located in high-barrier-to-entry markets, including Boston, Los Angeles, New York City, San Francisco, Seattle and South Florida metros.   GEP VII was formed as part of Greystar’s flagship value-added acquisition fund series with a focus on buying well-located, institutional-quality apartment communities in major markets throughout the United States.   GEP VII held its final close in 2011 with $600 million in equity commitments. In June 2014, Greystar announced the final clos