Equity Residential has agreed to purchase 11 apartment complexes from Blackstone for $964 million, marking the largest multifamily acquisition by a public REIT in the U.S. in the past seven years. The portfolio includes over 3,500 units located in high-growth markets such as Atlanta, Denver, and Dallas/Fort Worth. This acquisition is part of a broader trend in the multifamily sector, driven by expectations of a rebound in rents and property values, partially due to potential interest rate cuts by the Federal Reserve.

"We are pleased to add these high-quality, well-located properties to our growing portfolios in Atlanta, Dallas/Ft. Worth and Denver at pricing that is attractive compared to replacement costs," said Alec Brackenridge, Equity Residential's executive vice president and chief investment officer. "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."

Blackstone, which recently acquired Apartment Income REIT for about $10 billion, is selling these properties to return cash to investors while maintaining confidence in the rental housing market. The properties are held by three Blackstone funds: Blackstone Real Estate Income Trust, Blackstone Real Estate Partners, and Blackstone Property Partners.