weather icon Clear

The Blackstone Group picks up $115M of additional Las Vegas real estate

The Blackstone Group’s appetite for Las Vegas real estate shows no sign of shrinking, as it picked up more apartments this month for $115 million.

Property records show the New York financial giant acquired the 350-unit Broadstone Talavera, 2251 S. Fort Apache Road near Sahara Avenue, and the 324-unit Broadstone Flamingo West, 9100 W. Flamingo Road near the 215 Beltway.

Talavera traded for $62.75 million and Flamingo West for $52.25 million, records show.

The portfolio sale, by partners AEW Capital Management and Alliance Residential Co., closed Dec. 11.

Brokerage firm Jones Lang LaSalle, which represented the sellers, announced the deal Wednesday. It said the buyer was LivCor, a Chicago-based subsidiary of Blackstone that oversees a portfolio of more than 100 multifamily properties.

JLL broker Charles Steele said the two complexes acquired this month were each around 95 percent occupied.

Blackstone, AEW and Alliance did not respond to requests for comment.

The purchase comes as Las Vegas’ apartment market keeps heating up with increased construction and landlords’ rising purchase prices. It’s also another bet by Blackstone on Southern Nevada’s once-battered real estate industry.

After the market crashed, Blackstone snapped up hundreds of homes locally to turn into rentals. It also bought the 68-acre Hughes Center office park in 2013 and, on the Strip, the 3,000-room Cosmopolitan of Las Vegas in 2014.

This year, it’s acquired several apartment complexes and the World Market Center, downtown’s 5.4 million-square-foot furniture-showroom hall.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.
China’s growth hits 26-year low, slowing global economy

The world’s second-largest economy expanded by 6 percent in the three months ending in September, down from the previous quarter’s 6.2 percent, data showed Friday.