Blackstone Hands Equity Residential a $964 million apartment portfolio

Blackstone Inc. has finalized a transaction with Equity Residential, which will acquire 11 apartment properties for approximately $964 million. The properties involved in this deal come from various Blackstone Real Estate entities, including Blackstone Real Estate Income Trust, Blackstone Real Estate Partners, and Blackstone Property Partners.

The portfolio consists of four properties with 1,357 units in Atlanta, four properties with 1,237 units in Dallas/Fort Worth, and three properties with 978 units in Denver. The deal is subject to standard closing conditions and is expected to be completed by the third quarter of 2024.

Alec Brackenridge, Executive Vice President and Chief Investment Officer of Equity Residential, noted that this acquisition aligns with the company’s strategy to increase its presence in high-growth markets. He emphasized the positive relationship with Blackstone and the potential for future collaboration.

Asim Hamid, Senior Managing Director at Blackstone Real Estate, commented that the transaction highlights strong institutional demand for quality assets. He reiterated that rental housing remains a key focus for Blackstone, with strong fundamentals observed in attractive markets.

In a separate development, Blackstone has agreed to acquire a majority stake in Westwood Professional Services, Inc. The terms of the deal remain undisclosed. Westwood, with over 1,600 employees, specializes in front-end engineering design services, particularly in renewable energy, power grid investment, and public and private infrastructure development across the U.S. Blackstone’s investment will be made in partnership with Westwood’s management team and employee shareholders, who will retain a minority stake.

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