Blackrock completed acquisition of HGC's multifamily asset Alta Oxbow consisting 218 apartments in Wayland, Boston in August 2024, a project HGC in partnership with Wood Partners for the development. Alta Oxbow reached stabalization at occupancy rate of 95% in Q3 2023 and is forecasted to keep the occupancy rate at 95% throughout 2024 while the effective rent may have room to increase by 3-4% to reach US$ 3.43/sf by the end of the year.

The acqusition expands Blackrock's footprint in US multifamily sector. Currently, the firm has US$ 25 billion real estate assets under management. Blackrock have started to observe nascent signs of life for improving investment activity and stabilization in interest rates is driving this shift. Real estate fundamentals remain solid with NOI growth at 12.8% for industrial and 4.5% for multifamily over past year 2023. Both sectors are forecasted to have positive income growth going forward. The surge in supply is a risk for both sectors in the near term but mitigated by continued demand and an expected drop in deliveries after this year.

Blackrock has been an active investor in real etstae since 1988. Most recently, they began investing in new construction, purpose-built for rent housing development that add supply to the market and address the increasing demand they see for this property type.