Blackstone Real Estate Income Trust Inc., a real estate investment platform, has purchased all outstanding shares of Preferred Apartment Communities valued at $5.8 billion.

PAC includes 44 multifamily communities for a total of 12,000 units across Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville. The firm additionally brings 54 grocery retail assets with a total of six million square feet as well as two office properties and 10 mezzanine preferred equity investments.

“We are pleased to acquire Preferred Apartment Communities and its portfolio of high-quality multifamily assets in key Sun Belt markets, which represents a significant majority of the Company’s value,” Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate. “Investing using BREIT’s perpetual capital will enable us to be long-term owners of these vibrant communities. The Company’s grocery anchored retail portfolio performance has also been strong and resilient, and we believe these types of necessity-oriented assets located in areas with growing populations are well-positioned for continued growth.”

Jones Lang LaSalle Limited, BofA Securities, Lazard Frères & Co. LLC and Wells Fargo Securities LLC are serving as BREIT’s financial advisors, and Simpson Thacher & Bartlett LLP is acting as BREIT’s legal counsel. Goldman Sachs & Co. LLC is serving as PAC’s lead financial advisor. KeyBanc Capital Markets, Inc., is also serving as financial advisor to PAC. King & Spalding LLP and Vinson & Elkins LLP are serving as the Company’s legal counsel.