Blackstone is taking private Apartment Income REIT, otherwise known as AIR Communities, private in a $10 billion deal, marking Blackstone's largest transaction in the multifamily market.
The REIT owns 76 rental housing communities and Blackstone plans to invest another $400 million to improve these properties.
The investment by Blackstone comes as the private equity giant is ramping up its acquisition activity, spurred on by what it sees as the bottom of the market and an ideal time to invest. Kathleen McCarthy, its global co-head of real estate, has said that a lot of its capital is invested in logistics and rental housing, categories where new starts are down 30% to 75%, depending on the market.
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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.
