Blackstone Real Estate Income Trust Acquires Preferred Apartment Communities

Blackstone Real Estate Partners X Takes AIR Communities Private in ~$10 Billion Deal

June 28, 2024

Real Estate

Blackstone Real Estate Partners X agreed to acquire all outstanding common shares of Apartment Income REIT Corp. (AIR Communities) for $39.12 per share in an all-cash transaction valued at about $10 billion, including the assumption of debt. Blackstone planned to invest over $400 million to maintain and improve AIR’s rental housing communities, and the deal was expected to close in Q3 2024. The follow-on update states Blackstone has completed the privatization.

Blackstone Core+ Funds Acquire American Campus Communities

August 9, 2022

Real Estate

Blackstone Core+ perpetual capital vehicles, primarily Blackstone Real Estate Income Trust, Inc. (BREIT) and Blackstone Property Partners L.P. (BPP), completed the previously announced all-cash acquisition of American Campus Communities, Inc. (ACC). The deal was valued at approximately $12.8 billion, including the assumption of debt (about $65.47 per share).

Blackstone Real Estate Income Trust to Acquire Home Partners of America

June 22, 2021

Real Estate

Blackstone Real Estate Income Trust, Inc. (BREIT) entered into a definitive agreement to acquire Home Partners of America (HPA) in a deal valuing HPA at $6.0 billion. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions and approvals, as BREIT looks to expand HPA’s resident-led lease purchase/choice model across the United States.

Affiliates of Blackstone Real Estate Acquire PS Business Parks for $7.6 Billion

July 20, 2022

Real Estate

Affiliates of Blackstone Real Estate entered into a definitive all-cash agreement to acquire PS Business Parks, Inc. for $187.50 per share, valuing the transaction at approximately $7.6 billion. The deal covers PS Business Parks’ commercial portfolio (industrial, business park, office, and multifamily) primarily located in California, Miami, Texas, and Northern Virginia, with an expected closing in the third quarter of 2022.

Public Storage Acquires Simply Self Storage From BREIT for $2.2 Billion

July 24, 2023

Real Estate

Public Storage (NYSE: PSA) entered into an agreement to acquire Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion. The Simply portfolio includes 127 wholly owned properties and about 9 million net rentable square feet across 18 states, with ~65% in Sunbelt growth markets.

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).