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Sunday, Oct 1, 2023

Blackstone Group Buys 3 Multifamily Buildings for $178 Million

The Blackstone Group has purchased a portfolio of three multifamily properties in Los Angeles for $177.5 million, records show.

Two of the properties are in Santa Clarita, and the other is in San Pedro.

The Harborview Apartment Homes at 1286 W. Capitol Dr. in San Pedro sold for $70 million. It has 160 units. Built in 1984, the building has a 5.6% vacancy rate, according to CoStar Group Inc.

The Canyon Ridge Apartments at 23645 Meadow Ridge Dr. in Santa Clarita sold for $54.25 million. It was built in 1987, has 176 units and has a 6.3% vacancy rate, according to CoStar.

The Canyon Crest Apartments at 23639 Newhall Ave., also in Santa Clarita, sold for $53.25 million. It has 158 units. The property is the newest of the three, built in 1992, and has a 2.5% vacancy rate, according to CoStar.

Berkadia Real Estate Advisors represented the seller of the properties, the Guardian Life Insurance Company of America.

Demand has been high in the San Pedro market. Earlier this month, Harbor Associates purchased the 11-story Topaz office building for $43.5 million. The seller was Jupiter Holdings. The building has aerospace industry ties. It was built in 1990 and occupied by defense contractor Logicon Inc. The company was later acquired by Northrop Grumman Corp., which vacated the building in 2010.

Commercial real estate reporter Hannah Madans can be reached at hmadans@labusinessjournal.com. Follow her on Twitter @HannahMadans

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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