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AIG Finalizes $5B Sale of Affordable Portfolio to BREIT
American International Group (AIG) and Blackstone have closed on the sale of AIG’s interests in a U.S. affordable housing portfolio to Blackstone Real Estate Income Trust (BREIT). Per CBRE, which advised AIG, the sale was valued at $5.1 billion and consisted of approximately 80,000 units across more than 650 assets nationwide.
Advising AIG on the transaction was CBRE Capital Advisors Inc., the investment banking arm of CBRE, in partnership with CBRE’s Affordable Housing team.
“The affordable housing industry has grown over the last 20 years and is an important sector of real estate,” said Armand Tiberio, vice chairman of affordable housing for CBRE. “We are pleased to have participated in a transaction that will contribute to the long-term preservation of affordable housing in the U.S.”
All AIG employees who supported the affordable housing portfolio full-time have been offered the option to join BREIT, AIG and Blackstone said Thursday.
- ◦Sale/Acquisition
