Blackstone allegedly loses over $600m on a single housing portfolio

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Per Grok:
Blackstone bought ~90 senior housing properties (9K units) for $1.8B in 2016-17, planning to upgrade and resell. Pandemic reduced demand, high interest rates hit their $1.2B debt, and labor costs rose, leading to >$600M losses. Sold ~70 by late 2025 at discounts up to 75% (e.g., Aventura facility). Remaining sales ongoing; no major updates in early 2026.