Blackstone to Buy Preferred Apartment Communities for $5.8B
February 16, 2022 | Erika Morphy | GlobeSt.com
Blackstone Real Estate Income Trust has entered into a definitive agreement to acquire Preferred Apartment Communities in an all-cash deal valued at $5.8 billion, or $25 per share.
PAC’s portfolio, which BREIT is acquiring, includes 44 multifamily communities totaling approximately 12,000 units concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, and 54 grocery-anchored retail assets comprising approximately six million square feet located mostly in Atlanta, Orlando, Nashville and Raleigh.
BREIT will also acquire the company’s two Sun Belt office properties and 10 mezzanine / preferred equity investments collateralized by under construction and newly-built multifamily assets.
“We are pleased to acquire Preferred Apartment Communities and its portfolio of high-quality multifamily assets in key Sun Belt markets, which represents a significant majority of the company’s value,” Jacob Werner, co-head of Americas Acquisitions for Blackstone Real Estate, said in prepared remarks.
