NEW YORK Aug 12 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
The Wall Street Journal first reported the deal.