One of the world’s largest private-equity investment firms has added a North Charleston rental property to its commercial real estate portfolio.
An affiliate of The Blackstone Group recently bought the 270-unit Ansley Commons Apartment Homes off U.S. Highway 78 for about $44 million, or a roughly 12 percent premium from the previous sale four years ago. The deal works out to about $163,000 on a per-key basis.
As part of the transaction, New York-based Blackstone assumed a $24.5 million mortgage balance from the previous owner, according to Charleston County property records.
The seller was The Praedium Group, a real estate investment firm also headquartered in the Big Apple. It paid $39.2 million for the Ladson-area complex in mid-2015, about a year after it was built.
Ansley Commons is made up of 14 residential buildings on about 18 acres with one- to three-bedroom living units averaging 1,023 square feet. Amenities include a clubhouse, pool, fitness center and pet park.
Blackstone bought the Shipley Street property through its real estate income trust division known as BREIT Operating Partnership. The privately held affiliate acquired more than 5 million square feet of commercial space in South Carolina — mostly big warehouses in the Upstate and the Charleston area — when it purchased Gramercy Property Trust about six months ago.
The Blackstone Group as a whole managed $472 billion in assets worldwide as of Dec. 31.