Equity Residential to Acquire 11-Property Portfolio From Blackstone for $964 Million

by Channing Hamilton

CHICAGO — Equity Residential (NYSE: EQR) has agreed to purchase an 11-property portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners.

The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas-Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. Equity Residential selected the properties due to their locations in markets where the firm is targeting growth, as well as the properties’ appeal to high-end renters.

Equity Residential is headquartered in Chicago. The company’s stock price closed at $70.04 per share on August 7th, up from $63.40 one year ago.

Blackstone is the largest owner of commercial real estate globally, with $336 billion worth of investor capital under management. The company is based in New York City. Blackstone’s stock price closed at $127.59 per share on Wednesday, Aug. 7, up from $100.98 last year.

Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corp. acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan Lovells and Bryan Cave Leighton Paisner served as Equity Residential’s legal counsel.

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