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Blackstone Strikes Deal to Buy Bluerock REIT Apartment Assets for $3.6B

Bluerock will be spinning off its single-family rental business prior to the acquisition.

Affiliates of Blackstone Real Estate have entered into an agreement with Bluerock Residential Growth REIT to acquire its multifamily asset in an all-cash transaction valued at $3.6 billion, or $24.25 per share. 

Under the terms of the agreement, Blackstone will acquire 30 multifamily properties of approximately 11,000 units as well as a loan book secured by 24 multifamily assets. The properties are garden-style assets built, on average, in 2000. The majority of the properties are located in Atlanta, Phoenix, Orlando, Denver and Austin.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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