Blackstone Makes $1B Apartment Purchase in San Diego Blackstone is set to become one of the largest apartment owners in San Diego. The New York-based private equity investor has announced plans to purchase a 66-property apartment portfolio from Conrad Prebys Foundation for $1 billion, according to the San Diego Tribune. It is the largest transaction in San Diego history. Blackstone is purchasing the assets in partnership with TruAmerica Multifamily.The deal totals 5,800 apartment units, bringing Blackstone’s total market share to 6,700 units with a value of more than $5 billion. The investor plans to make $100 million in improvements on the properties, which are all described by the newspaper as market-rate units. In addition, Blackstone plans to partner with Pacific Housing to provide residents with essential services, including after-school tutoring and financial literacy classes as well as health and wellness programs. These will come at not cost to residents.Proceeds from the transaction will benefit the local market. Dan Yates, the president of the Conrad Prebys Foundation, said the money would be used to fund grants in San Diego.Blackstone has been making big moves during the pandemic. At the end of last year, the firm emphasized its commitment to ESG investment when it hired Eric Duchon as global head of real estate ESG, a newly created position. Duchon works with Blackstone’s global real estate asset management teams to build and scale existing environmental, social and governance efforts. He will also work with portfolio companies on sustainability, diversity and inclusion issues.In addition to this landmark transaction, Blackstone told Bloomberg that it plans to capitalize on the “significant stress” brought on by the Covid-19 pandemic and acquired a stake in Mavik Capital Management through a secondary business.Blackstone also hasn’t been shy about closing major deals. In March, the firm acquired 2 & 3 MiamiCentral, a 330,000-square-foot Miami office complex, from Shorenstein Properties for $230 million. The property counts among its tenants Carlton Fields, Ernst & Young, New Fortress Energy and ViacomCBS as well as Blackstone’s Technology & Innovations group, which occupies approximately 12% of the space at 2 MiamiCentral. In keeping with the firm’s ESG goals, the property has certifications from The US Green Building Council’s LEED and ENERGY STAR.