Blackstone Taking Bluerock Residential Private in All-Cash Deal
Blackstone Real Estate will take Bluerock Residential Growth REIT private in an all-cash transaction valued at $3.6 billion, the two companies announced Monday. Bluerock plans to spin off its single-family rental business to shareholders via a newly formed REIT named Bluerock Homes Trust, Inc.
Under the terms of the agreement, Blackstone will acquire 30 multifamily properties comprising approximately 11,000 units along with a loan book secured by 24 multifamily assets. The majority of the properties are located in Atlanta, Phoenix, Orlando, Denver and Austin.
“We believe the substantial premium to our historic trading price is a testament to our success in building a best-in-class institutional-quality multifamily apartment portfolio in our attractive knowledge-economy target markets,” said Bluerock CEO Ramin Kamfar.
Morgan Stanley and Eastdil Secured are Bluerock’s lead financial advisors, with BofA Securities also serving as an advisor. Barclays and Wells Fargo Securities are Blackstone’s financial advisors.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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