Blackstone Group, the world’s largest alternative asset manager and one of the biggest property investors, just divested from an old multifamily community in Casselberry.
A company tied to the private equity and real estate company sold the 476-unit Newport Colony apartment community at 3679 Derbyshire Rd. for $87.5 million, or about $183,800 per unit, Seminole County records show.
The buyers are real estate investors Mordechai Schapira and Labe Twerski. Last year, the partners bought a pair of South Florida apartment complexes for $57 million, according to The Real Deal.
Schapira and Twerski financed the most recent deal in Casselberry with a $56 million loan from Capital One National Association in Virginia.
Newport Colony, built in 1990, consists of a mix of two- and three-story multifamily buildings. Apartments contain up to three bedrooms, and residents have access to a clubhouse, fitness studio, outdoor grilling stations, community pool, electronic package lockers, playground and tennis courts.
The fund will stray away from Blackstone’s usual assets, and instead focus on investing in things like timber, mines, oil tankers and satellites. It can also invest in companies, either through their equity or their debt.
Blackstone’s real estate entities and funds have been bullish in Central Florida. The company has become one of the most active buyers in Orlando’s multifamily space in recent years.
Last month, it paid $63.4 million for a student housing community near the University of Central Florida.
In December, the private equity firm, paid $152.3 million for two multifamily properties in Orange County, totaling more than 700 units, as part of a multistate portfolio acquisition.