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Fall Completion Date Targeted for Blackstone’s $3.6B Acquisition of Bluerock Residential

Bluerock Residential Growth REIT, Inc.  and Blackstone Real Estate have set Oct. 6 as the target date for completion of Blackstone’s acquisition of Bluerock, and the proposed spin-off of Bluerock’s single-family rental business to its shareholders. The proposed acquisition was announced late last December. 

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 properties are located mainly 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,” Bluerock CEO Ramin Kamfar said last December. 

The completion of the acquisition remains subject to the consummation of the spin-off, as well as the satisfaction or waiver of the other closing conditions in the merger agreement. 

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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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