Equity Residential to Acquire $964m Portfolio of Apartment Communities from Blackstone

Strategic Insights -

Equity Residential, a US-based residential property acquirer and manager, has agreed to acquire a portfolio of 11 apartment properties from Blackstone, a US-based alternative asset manager, in separate transactions valued at approximately $964m. The properties, located in Equity Residential's expansion markets of Atlanta, Dallas/Ft. Worth, and Denver, total 3,572 apartment units. The transactions are subject to customary closing conditions and are expected to close in the third quarter of 2024.

Key Takeaways:

  • Equity Residential has agreed to acquire 11 apartment properties from Blackstone in separate transactions valued at approximately $964m.
  • The properties are located in Equity Residential's expansion markets of Atlanta, Dallas/Ft. Worth, and Denver, and total 3,572 apartment units.
  • The portfolio consists of four properties with 1,357 apartment units in Atlanta, four properties with 1,237 apartment units in Dallas/Ft. Worth, and three properties with 978 apartment units in Denver.
  • Blackstone was advised by Eastdil Secured, RBC Capital Markets, LLC, Santander, and Sumitomo Mitsui Banking Corp.
  • Equity Residential was advised by Neal Gerber & Eisenberg LLP, Hogan Lovells, and Bryan Cave Leighton Paisner LLP.

Statistics:

  • $964m: The approximate value of the portfolio of 11 apartment properties being acquired by Equity Residential from Blackstone.
  • 3,572: The total number of apartment units in the portfolio.
  • 1,357: The number of apartment units in the four properties located in Atlanta.
  • 1,237: The number of apartment units in the four properties located in Dallas/Ft. Worth.
  • 978: The number of apartment units in the three properties located in Denver.

Sources:

  • "US based residential property acquirer/manager Equity Residential (NYSE: EQR) has agreed to acquire 11 apartment properties from US based alternative asset manager Blackstone (NYSE: BX) in separate transactions valued at USD 964m, the company said."
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