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BREIT Completes $5.8B Deal for Preferred Apartment Communities
Blackstone Real Estate Income Trust (BREIT) completed its all-cash acquisition of Preferred Apartment Communities (PAC) on the scheduled closing date of June 23. The acquisition, announced in February, is valued at approximately $5.8 billion.
Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate, said, “Inclusive of this transaction, approximately half of BREIT’s portfolio comprises residential properties largely located in the West and South regions of the U.S., which are seeing robust demand and stable occupancy.
“PAC’s portfolio of high-quality multifamily in key SunBelt markets and grocery anchored retail centers is a complementary addition to BREIT’s portfolio of stabilized, income-generating assets, and we look forward to being long-term owners of these properties,” he continued.
Atlanta-based PAC’s portfolio includes 44 multifamily communities concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, and 54 grocery-anchored retail assets comprising approximately six million square feet located mostly in Atlanta, Orlando, Nashville and Raleigh.
- ◦Sale/Acquisition
