Chicago Apartments Part of $10B Blackstone, AIR Communities Deal

Blackstone will acquire Apartment Income REIT Corp., known as AIR Communities, in an all-cash transaction valued at approximately $10 billion, including the assumption of debt.

AIR Communities’ portfolio consists of 76 rental housing communities, seven of which are located in the Chicago area. The majority of the properties are concentrated in markets, including Miami, Los Angeles, Boston and Washington, D.C. Blackstone plans to invest more than $400 million to maintain and improve the existing communities in the portfolio and may invest additional capital to fund further growth.

“AIR Communities represents the highest quality, large scale apartment portfolio we have ever acquired, and is located in markets where multifamily fundamentals are strong,” said Nadeem Meghji, Global Co-Head of Blackstone Real Estate. “We are very impressed by the terrific operating team at AIR Communities and look forward to working closely with them, while continuing to deliver a fantastic resident experience.”

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