Equity Residential has announced its acquisition of 11 apartment communities from Blackstone Real Estate for a total of $964 million. The purchase includes a total of 3,572 apartments, with four properties in the DFW area making up one-third of that number and totaling 1,237 apartments. This acquisition follows Equity’s previous purchase earlier this year of a 324-unit community in DFW.
Alec Brackenridge, Executive Vice President and Chief Investment Officer at Equity Residential stated that this transaction is an important step towards their goal to generate more annual net operating income from high-growth expansion markets. He also expressed appreciation for partnering with Blackstone on this mutually beneficial deal and looks forward to further growing their relationship.
Currently owning or investing in 299 properties consisting of over 79,000 apartment units across various major cities such as Boston, New York City, Washington D.C., Seattle,and San Francisco as well as expanding into Denver,Austin,and Atlanta,Equity Residential continues to establish itself as a leading player in the rental market.
