Bluerock Residential Growth REIT has entered into a definitive agreement with affiliates of Blackstone Real Estate in an all-cash transaction valued at $3.6 billion.
Under the terms of the agreement, Blackstone will acquire 30 multifamily properties comprising about 11,000 units, as well as a loan book secured by 24 multifamily assets. The properties consist of high-quality garden-style assets with significant green space and resort-style amenities, built in 2000, on average. The majority of the properties are located in Atlanta, Phoenix, Orlando, Denver and Austin.
Before the acquisition, the company intends to spin off its single-family rental business through the taxable distribution to shareholders of all of the outstanding shares of common stock in a newly formed real estate investment trust. Named Bluerock Homes Trust, Inc. (BHOM), it will be externally managed by an affiliate of Bluerock Real Estate. BHOM will own interests in about 3,400 homes, including 2,000
