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2025 The ApartmentBuildings.com 100 from Connect CRE
Transactions of the Year
- AION, Goldman Sachs Enter into a $700-Million Recapitalization Partnership
- Blackstone Buys Apartment Income REIT for $10 Billion
- Brookfield Pays $1.55 Billion for a 7,300-Unit Sunbelt Portfolio
- KKR Acquires 5,200-Unit Portfolio from Quarterra Multifamily, Pays $2.1 Billion
- Oak Row and Mariposa Join Forces, Acquire FL Land for $520 Million
Blackstone Buys Apartment Income REIT for $10 Billion
Blackstone Real Estate Partners X acquired the outstanding common shares of Apartment Income REIT (AIR) for $10 billion; the price tag included the assumption of debt.
AIR Communities’ 76-property, 26,626-unit portfolio is in coastal markets including Boston, MA; Los Angeles, CA; Miami, FL; and Washington, DC. At the time of the buy,
Blackstone said it would invest more than $400 million to maintain and improve the properties and could invest additional capital for additional growth. BofA Securities, Barclays, Goldman Sachs & Co. LLC and Wells Fargo were Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. Citigroup Global Markets Inc. acted as AIR Communities’ financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel.