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Blackstone Wraps Up $3.6B Acquisition of Bluerock Residential Growth REIT

Affiliates of Blackstone Real Estate have completed the previously announced acquisition of Bluerock Residential Growth REIT, Inc. for $24.25 per share in an all-cash transaction valued at $3.6 billion. First announced last December, the acquisition adds 11,000 units across 30 multifamily properties along with a loan book secured by 24 multifamily real estate assets to Blackstone’s portfolio. 

Bluerock has also spun off its single-family rental business into an externally managed REIT, Bluerock Homes Trust, Inc. The new company began trading on the New York Stock Exchange American Thursday morning. 

Barclays and Wells Fargo Securities served as Blackstone’s financial advisors, and Simpson Thacher & Bartlett LLP as Blackstone’s legal advisor. Morgan Stanley and Eastdil Secured served as Bluerock’s lead financial advisors with BofA Securities also serving as an advisor. Wachtell, Lipton, Rosen & Katz, KVCF, PLC, and Vinson & Elkins, LLP served as Bluerock’s legal counsel. 

Pictured: Bluerock’s Motif apartments in Fort Lauderdale, FL.

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About Paul Bubny

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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