Massive Real Estate Deal Prompts Concerns Over Rising Rent, Affordable Housing
The sweeping, county-wide purchase of dozens of San Diego apartment complexes by a massive New York-based private equity company is prompting concern from some residents over whether or not the properties will remain affordable.
The proposed sale of 66 apartment complexes to the Blackstone Group for more than $1 billion is being called one of the largest real estate transactions in San Diego history.
KPBS reported earlier this year that the Conrad Prebys Foundation was looking to sell its real estate holdings, and now its 5,800 rental units are being purchased by Blackstone.
The proposed sale has already prompted some concern from elected officials over whether the units will remain affordable for working families.
San Diego Union-Tribune business reporter Phillip Molnar joined Midday Edition on Thursday with more details on the massive property sale.