Blackstone Real Estate Partners has invested $2bn (鈧�1.8bn) in the US multifamily sector.
The investment manager鈥檚 eighth fund has bought a 32-asset portfolio from Real Estate鈥檚 Equity Partners VII vehicle.
Greystar will continue to manage the 10,399-unit portfolio, which includes mid-rise, high-rise and garden-style apartment buildings in Seattle, San Francisco, Los Angeles, South Florida, New York and Boston.
The seller鈥檚 VII fund, a $600m fund, held its final close in 2011, with commitments from global institutional investors.
The company鈥檚 Equity Partners VIII, an $800m successor fund that closed in June last year, is fully invested.
Bob Faith, chairman and chief executive at Greystar, said the company continued to believe in the long-term fundamentals of the multifamily industry, given 鈥渟trong secular demand trends and barriers against widespread over-development鈥�.
Blackstone is in New York housing with Ivanho茅 Cambridge.
The joint venture with the Caisse de d茅p么t et placement du Qu茅bec subsidiary is buying the scheme, known as Stuyvesant Town and Peter Cooper Village, from CW Capital.
