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Blackstone Real Estate Income Trust has closed on its $5.8-billion acquisition of Preferred Apartment Communities

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. 

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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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