Blackstone Real Estate Partners X Acquires Apartment Income REIT Corp. (AIR Communities) for Approximately $10 Billion

Affiliates of Blackstone Real Estate Acquire Bluerock Residential Growth REIT

October 6, 2022

Real Estate

Affiliates of Blackstone Real Estate (Blackstone) completed an all-cash acquisition of Bluerock Residential Growth REIT, Inc. for $24.25 per share, valuing the transaction at approximately $3.6 billion. The deal included a spin-off of Bluerock's single-family rental business into a newly listed REIT, Bluerock Homes Trust (BHM).

Blackstone Funds Complete $12.8 Billion Acquisition of American Campus Communities

August 9, 2022

Real Estate

Blackstone’s Core+ perpetual capital vehicles — primarily Blackstone Real Estate Income Trust (BREIT) and Blackstone Property Partners (BPP) — have completed the acquisition of all outstanding common shares of American Campus Communities (ACC) for approximately $12.8 billion, including assumption of debt. The acquisition gives Blackstone significant exposure to the U.S. student housing sector and will allow ACC to invest in existing assets and develop new student housing in university markets.

Blackstone Acquires Madison Dearborn's Remaining Stake in AIR Control Concepts

January 9, 2026

HVAC & Mechanical

Blackstone has acquired Madison Dearborn Partners' remaining equity stake in AIR Control Concepts, making Blackstone the sole institutional investor after an initial investment in July 2024. AIR founder and CEO Brad Hobbs and his family are reinvesting alongside Blackstone as the company pursues continued expansion—including opportunities in data centers and adjacent service areas—across 35 U.S. states and Canada with more than 38 operating companies and roughly 1,900 associates.

Blackstone-led Consortium to Acquire AirTrunk for A$24 Billion

September 4, 2024

Infrastructure

A consortium led and managed by Blackstone, together with the Canada Pension Plan Investment Board, agreed to acquire AirTrunk from Macquarie Asset Management and the Public Sector Pension Investment Board for an implied enterprise value of over A$24 billion. AirTrunk Founder and CEO Robin Khuda will remain as CEO while realising part of his stake; the deal is positioned to accelerate AirTrunk's growth across Asia Pacific to meet rising demand from cloud and AI customers.

Blackstone Acquires PS Business Parks for $7.6 Billion

July 20, 2022

Real Estate

Affiliates of Blackstone Real Estate completed the acquisition of all outstanding shares of PS Business Parks, Inc. for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion. The deal brings PSB's portfolio—93 properties serving ~4,800 tenants across ~27 million square feet (plus ~800 residential units)—into Blackstone's real estate platform (operated via Link Logistics), expanding its industrial/industrial-flex and suburban office footprint.

Independence Realty Trust Merges with Steadfast Apartment REIT

December 15, 2021

Real Estate

Independence Realty Trust (IRT) and Steadfast Apartment REIT (STAR) completed a strategic merger creating a combined public multifamily REIT retaining the Independence Realty Trust name and headquartered in Philadelphia. The combined company had an equity market capitalization of approximately $5.6 billion and an enterprise value of approximately $8.3 billion as of December 15, 2021; the companies expect about $28 million of annual synergies and identified nine non-core assets to sell to optimize the portfolio.