Blackstone Real Estate Income Trust has acquired six apartment complexes in the Phoenix area for $311 million, reports Andrea Zander for Institutional Real Estate Inc.

The sellers were DRA Advisors and Milestone Group.

The portfolio consists of 1,751 units spread across Surprise to Chandler. The complexes include Stadium Village in Surprise, Finisterra in Tempe, Sierra Foothills in Phoenix, Lumiere in Chandler, Sierra Canyon in Glendale and Waterford at Peoria.

Phoenix’s economy is moving beyond its traditional reliance on single-family construction and retirees, according to a Fannie Mae report, Multifamily Metro Outlook: Phoenix Winter 2018. It has become a magnet for the relocation of financial, professional services, and manufacturing firms. As a result, the surge of new residents is providing a boost to jobs in the retail, hospitality, construction and healthcare sectors. This trend is likely to continue for the next couple of years.

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