Blackstone (NYSE: BX) and Apartment Income REIT Corp. (AIR Communities) (NYSE: AIRC), announced that Blackstone Real Estate Partners X will acquire all outstanding common shares of AIR Communities for $39.12 per share in an all-cash transaction valued at approximately $10 billion, including the assumption of debt.
AIR Communities’ portfolio consists of 76 rental housing communities totaling 27,010 apartment units in 10 states and the District of Columbia. Blackstone said it would invest more than $400 million to maintain and upgrade the communities and may invest additional capital to fund further growth.
When the transaction is completed, AIR Communities’ common stock will no longer be listed on the New York Stock Exchange. As a condition to the transaction, AIR has suspended payment of its quarterly dividend, effective immediately.
“AIR Communities represents the highest quality, large scale apartment portfolio we have ever acquired, and is located in markets where multifamily fundamentals are strong,” said Nadeem Meghji, global co-head of Blackstone Real Estate. “We are very impressed by the terrific operating team at AIR Communities and look forward to working closely with them, while continuing to deliver a fantastic resident experience.”
