Equity Residential (EQR) and Blackstone announced on Wednesday that Equity Residential will be acquiring 11 apartment properties from various Blackstone Real Estate strategies in separate transactions. These include properties owned by Blackstone Real Estate Income Trust, Blackstone Real Estate Partners, and Blackstone Property Partners for a total of approximately $964 million. The deals are expected to close in the third quarter.
The portfolio consists of a total of 3,572 units located in Atlanta, Dallas/Ft. Worth and Denver – all expansion markets for Equity Residential. This includes four properties with 1,357 units in Atlanta; four properties with 1,237 apartments in Dallas/Ft.Worth; and three properties with 978 units in Denver.
According to Alec Brackenridge, CIO at EQR: “We found the pricing for this portfolio to be very attractive compared to replacement costs.” He also stated that this acquisition is an important step towards their goal of generating more annual net operating income from these high-growth expansion markets. Brackenridge expressed appreciation for partnering with Blackstone on this transaction and looks forward to continuing their relationship.
Asim Hamid , Senior Managing Director atBlackstoneRealEstate,said: “Rental housing remains one of our highest-conviction themes,and we continue t
