Affiliates of Blackstone Real Estate have acquired Bluerock Residential Growth REIT, Inc. (NYSE: BRG) for $24.45 per share in cash valued at $3.6 billion.
Blackstone will acquire 30 multifamily properties totaling to 11,000 units and a loan book secured by 24 multifamily assets. The properties are located in Atlanta, Phoenix, Orlando, Denver and Austin. Additionally, Bluerock intends to separately spin off its single-family rental business to its shareholders in a newly formed REIT, Bluerock Homes Trust, Inc.
“Bluerock’s portfolio consists of high-quality multifamily properties in markets across the U.S. experiencing some of the strongest fundamentals,” commented Asim Hamid, senior managing director at Blackstone Real Estate. “We look forward to bringing our best-in-class management to these properties to ensure they continue to be operated at the highest standards for the benefit of tenants and the surrounding communities.”
Morgan Stanley & Co. LLC and Eastdil Secured LLC are the Company’s lead financial advisors with BofA Securities also serving as an advisor. Wachtell, Lipton, Rosen & Katz, Kaplan Voekler Cunningham & Frank, PLC, and Vinson & Elkins, LLP are serving as the Company’s legal counsel. Barclays and Wells Fargo Securities LLC are Blackstone’s financial advisors and Simpson Thacher & Bartlett LLP is Blackstone’s legal advisor.