National + Apartments | May 19, 2022

UC Increases Blackstone BREIT Stake by $500M Despite Protests

BREIT Completes $3.7B Deal for Resource REIT, Adds 42 Apartment Properties

Blackstone Real Estate Income Trust, Inc. (BREIT) has completed its previously announced acquisition of Resource REIT, Inc. for $14.75 per share in an all-cash transaction valued at $3.7 billion, including the assumption of the REIT’s debt. BREIT’s deal for the non-traded multifamily REIT was announced in January.

The deal covers Resource REIT’s portfolio of multifamily, garden-style assets comprised of 42 apartment communities totaling more than 12,600 units. The assets are located in some of the fastest-growing submarkets spanning 13 states, including Arizona, Colorado, Florida, Georgia and Texas.

When the deal was announced in late January, Asim Hamid, senior managing director at Blackstone Real Estate, said, “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S. Blackstone intends to capitalize on our expertise, scale, and best-in-class management practices to ensure these properties are well maintained and provide an exceptional experience for residents.”

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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).