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- Equity Residential to Acquire 11 Apartment Properties from Blackstone for $964 Million
Equity Residential to Acquire 11 Apartment Properties from Blackstone for $964 Million
Slice of Real Estate Team
August 09, 2024
Key Highlights:
Equity Residential acquires 11 properties from Blackstone for $964 million.
Properties located in Atlanta, Dallas/Ft. Worth, and Denver, totaling 3,572 units.
Transaction expected to close in Q3 2024, pending customary conditions.
Equity Residential reaffirms earnings guidance from Q2 2024.
Source (Business Wire)
Notable Quotes:
“This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets. We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship.”
“This transaction represents an excellent outcome for our investors and demonstrates the strong institutional demand for high quality assets. Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets. We’re pleased to have worked with EQR on this transaction, who will be an excellent steward of these properties going forward.”
Our Take:
The acquisition of 11 apartment properties by Equity Residential from Blackstone signifies a strategic move to bolster its presence in high-growth markets. With properties located in Atlanta, Dallas/Ft. Worth, and Denver, this acquisition aligns with Equity Residential’s focus on expanding in dynamic cities that attract affluent long-term renters. The deal, valued at $964 million, underscores the robust demand for quality rental housing and reflects Blackstone's confidence in the sustained growth of these markets. This transaction not only enhances Equity Residential’s portfolio but also reaffirms its strong operational and financial outlook, positioning the company for continued success in the competitive real estate sector.