Bridge Investment Group Announces $748 Million Sale of National Multifamily Portfolio to Blackstone

PRESS RELEASE – For immediate release

 

NEW YORK, NY November 14, 2016 – Bridge Investment Group Partners, LLC (“Bridge”), a flagship national real estate investment manager, today announced the sale, by its managed fund, of a multifamily portfolio consisting of 16 properties (5,294 units) to Blackstone Real Estate Partners VIII L.P. (“Blackstone”) for $748 million. Bridge’s managed fund was represented by KeyBanc Capital Markets on the transaction.

 

Our team worked diligently to assemble and optimize a nationally-diversified portfolio of assets, leveraging our deep knowledge of local markets, industry relationships, and extensive operational expertise,” said Jonathan Slager, Co-Chief Investment Officer of Bridge’s multifamily and commercial office investment vertical.  “We are pleased with the performance and long-run fundamentals of each asset, and believe the substantial interest in the portfolio speaks to Bridge’s successful and streamlined approach to the value-add process.”

 

The portfolio consists of high-quality garden-style apartments in submarkets with positive fundamentals, including Seattle, Portland, Southern California, Phoenix and Raleigh. Bridge’s in-house property management affiliate has been retained by Blackstone to manage the assets post-closing.

 

“We are gratified by the interest generated by Bridge’s portfolio,” commented Robert Morse, Chairman of Bridge. “Our seasoned teams have a long track record of investing in the multifamily sector, and the extensive ‘roll up your sleeves’ work we do at the asset level translates directly into value to our investors. In the present low-yield environment, we continue to believe that our ability to create value differentiates Bridge from many other managers.”

 

Bridge’s multifamily investment activities were formed as the flagship strategy of the firm’s family of funds, and targets value-add “Class B” multifamily investments in growth markets. Leveraging the expertise of its nationwide asset and property management teams, Bridge builds stabilized, profitable assets through capital improvements, active asset management, and multi-cycle investment experience in the sector. In July, Bridge announced the closing of $1.1 billion in equity commitments for this strategy.

Bridge Investment Group Partners

Bridge is a SEC-registered investment adviser with $6.7 billion AUM.  Its affiliated property management company, Bridge Property Management, L.C., manage 32,700 multifamily units and approximately 2.8 million square feet of commercial office space. The principals average 25 years of successful investing experience in the multifamily, commercial office, seniors housing and CRE-backed fixed income sectors. Bridge is the sponsor of 7 closed-end private equity funds, and manages additional separately managed accounts, co-investments, and joint ventures. A vertically-integrated real estate platform, Bridge and its affiliates together employ over 1,000 people and manage assets across 22 states and more than 50 metropolitan statistical areas.

 

For further information, please contact:

 

Dean Allara, Vice Chairman

+1 (650) 579-1350

d.allara@bridge-igp.com