Blackstone agrees to buy stake in GE apartment portfolio

NEW YORK Mon Aug 12, 2013 6:46pm EDT

NEW YORK Aug 12 (Reuters) - Blackstone Group LP is adding apartments to its portfolio of commercial real estate by agreeing to buy majority share in 80 apartment complexes from General Electric Co's lending arm, a person familiar with the deal said on Monday.

The deal values the portfolio at $2.7 billion, the source said. The source did not disclose how much Blackstone is paying for the stake.

The apartment buildings contain about 30,000 units and are located in Atlanta and Dallas, and other parts of Texas and the Southeast, the person said.

Blackstone declined to comment. A GE spokesman could not be reached immediately for comment.

Blackstone already is the biggest owner of single-family rental homes.

The Wall Street Journal first reported the deal.

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