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Thousands Of San Diego Apartments Snatched Up By New York Real Estate Firm

A New York-based firm Blackstone Group announced that will be purchasing 66 residential complexes in San Diego County.

At over $1 billion it will be one of the biggest real estate transactional in County history, reports the San Diego Union-Tribune.

In total, Blackstone will purchase around 5,800 apartment units from the Conrad Prebys Foundation and plans to spend $100 million on improvements.

Dan Yates, president of the Conrad Prebys Foundation, said the money from the deal will be used for grants in San Diego.

The foundation gave more than $71 million to 112 San Diego county organizations in March.

"Conrad Prebys was a sharp businessman who found true joy in the act of giving, and I believe he would be honored to see the result of his life’s work dedicated to continuing his philanthropic legacy,” Yates wrote in an email to the Union-Tribune.

The deal means one Blackstone will be one of San Diego's biggest landlords with an apartment total of 6,700 units.

According to the Union-Tribune, when news about the potential deal in February, Mayor Todd Gloria, County Supervisors Chair Nathan Fletcher, and California Senate President Pro Tem Toni Atkins wrote a letter to the Conrad Prebys Foundation urging them to consider the affordability of the apartments when considering future sales.

Photo: Getty Images


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