Blackstone Group has sold 12 US apartment blocks to Strata Equity Group and a number of Mexico-based investors for more than $650m, according to a person with knowledge of the matter.
The buildings, which house more than 4,600 apartments, range in age between three and 25 years and are located in Texas.
Strata said the acquisition offered investment and diversification potential. The majority of the buildings will be renovated, it said.
