Greystar Sells 19-Story Warwick Apartments To Blackstone For $90M
The Warwick, a 19-story, 392-unit apartment building in Silver Spring, has traded hands for $89.8M.
Charleston, SC-based Greystar Real Estate acquired the property in 2011 for $65.1M from Vista Management, and subsequently invested $11M in extensive renovations to upgrade the number of units. The company has now sold the property to Blackstone for more than $229k per unit, GlobeSt reports.
The Warwick is at 1131 University Blvd West in Silver Spring, and borders Sligo Creek Park. Amenities at the 19-story building include a large outdoor swimming pool, concierge service, garage parking and a community room. Based on the past year’s performance, the property trades hands to Blackstone at a cap rate of nearly 5.2%.
This deal appears to be separate from a large multifamily portfolio transaction between the two parties at the end of last year. Back in December, Blackstone acquired a 32-property portfolio that included more than 10,000 units from Greystar for $2B. The assets in that portfolio were a mix of mid-rise, high-rise and garden-style apartment buildings spread across the US. [GS]
