A giant New York real estate investment firm has spent tens of millions on two apartment complexes in Louisville.
Affiliates of Blackstone Real Estate Income Trust Inc. bought Valley Farms Apartments and Renaissance St. Andrews in a series of recent transactions. The properties were sold by affiliates of Steadfast Income REIT Inc.
The deal cost at least $34.1 million, based on four separate Jefferson County property transfers.
I reached out to multiple officials with Blackstone as well as officials with Steadfast but have not heard back. This story could be updated.
Valley Farms is a luxury apartment complex near Valley Station that started with 160 units. I reported in early 2015 that Steadfast was expanding the complex with the 128-unit South Pointe at Valley Farms.
Valley Farms has one-, two- and three-bedroom units ranging in size from 869 square feet to nearly 1,500 square feet, and the apartments are priced from $815 to more than $1,300 monthly, according to the complex’s website.
Renaissance St. Andrews, meanwhile, is on Renwood Boulevard in southwest Louisville, not far from Doss High School. We previously reported that the complex has 216 units.
According to Renaissance St. Andrews’ website, it has one- and two-bedroom units ranging in price from $699 to more than $1,000 per month. Those apartments start at 600 square feet and top out at 1,100 square feet.
These transactions appear to be part of a larger joint venture between Blackstone and Steadfast. In November, Steadfast said in a news release that the joint venture affects 20 of the 63 apartment communities in its portfolio.
Under the terms of the agreement, Blackstone is acquiring a 90 percent ownership stake in those 20 apartment communities for about $460.8 million in cash and debt assumptions. Steadfast is retaining a 10 percent ownership stake and remains the property manager for the complexes.
Steadfast still lists Valley Farms and Renaissance at St. Andrews on its website.
The release goes on to say that the joint venture involves 4,584 apartment homes in cities such as Austin, Texas; Dallas; San Antonio, Texas; Nashville, Tenn.; and Louisville.