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Investment Fund Buys 5,800 Apt Units in SD from Charitable Foundation – https://laprensa-sandiego org

Investment Fund Buys 5,800 Apt Units in SD from Charitable Foundation – https://laprensa-sandiego org
laprensa-sandiego.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from laprensa-sandiego.org Daily Mail and Mail on Sunday newspapers.

Opinion: Blackstone s purchase of 5,800 San Diego apartments raises concerns for already-dire housing crisis

Print The editorial board operates independently from the U-T newsroom but holds itself to similar ethical standards. We base our editorials and endorsements on reporting, interviews and rigorous debate, and strive for accuracy, fairness and civility in our section. Disagree? Let us know. The Conrad Prebys Foundation created by Prebys, a hugely successful developer and generous philanthropist who died in 2016 announced this week that it had sold 66 residential apartment complexes with 5,800 apartment units to New York-based Blackstone Group. Blackstone promised to keep most units affordable for those who make 80 percent or less of the region’s median income. But it’s tough not to be nervous about what comes next. Whether it’s vacation rentals or apartments, wealthy investors with no intention of ever living here see San Diego real estate as a money-making opportunity a hugely complicating factor in the ongoing push for more affordable housing.

Blackstone Group to buy 66 apartment complexes in San Diego for more than $1 billion

Print Private equity giant Blackstone Group plans to purchase 66 residential complexes in San Diego County for more than $1 billion in one of the biggest real estate transactions in local history. New York-based Blackstone is purchasing roughly 5,800 apartment units from the Conrad Prebys Foundation. It said it intends to spend $100 million to improve the new assets. The deal makes Blackstone one of the biggest real estate holders in San Diego County. It already owns $4.5 billion in assets here including Legoland and the Hotel del Coronado. The transaction, which also includes Los Angeles-based investment firm TruAmerica as a partner, is expected to close in the next few weeks.

Blackstone to Buy San Diego Apartments for More Than $1B

Thousands Of San Diego Apartments Snatched Up By New York Real Estate Firm

Dan Yates, president of the Conrad Prebys Foundation, said the money from the deal will be used for grants in San Diego. The foundation gave more than $71 million to 112 San Diego county organizations in March. Conrad Prebys was a sharp businessman who found true joy in the act of giving, and I believe he would be honored to see the result of his life’s work dedicated to continuing his philanthropic legacy,” Yates wrote in an email to the Union-Tribune. The deal means one Blackstone will be one of San Diego s biggest landlords with an apartment total of 6,700 units. According to the

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