Blackstone Group is planning to buy about 5,800 apartment units in San Diego for more than $1 billion.
The New York-based private investment firm has agreed to buy 66 complexes across the city from the Conrad Prebys Foundation. It also plans to make $100 million in renovations to the premises.
Blackstone will have 6,700 units in Southern California city. Blackstone already holds $4.5 billion of assets in the city, including the Legoland theme park and the famous Hotel del Coronado.
All of the units are currently market-rate. Blackstone announced it would fit resident services, including health and fitness programs and business learned services, at the complexes, through a partnership with a nonprofit.
The firm also thinks to keep the majority of the residences affordable for those making 80% or less of the area’s median income.