Blackstone Real Estate Income Trust to acquire Preferred Apartment Communities for $5.8b

Preferred Apartment Communities (PAC) has entered into a definitive agreement with Blackstone Real Estate Income Trust (BREIT), under which BREIT will acquire all outstanding shares of common stock of PAC for $25.00 per share in an all-cash transaction valued at approximately $5.8 billion.

The portfolio consists of 44 high-quality multifamily communities totaling approximately 12,000 units concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, and 54 grocery-anchored retail assets comprising approximately 6 million square feet located mostly in Atlanta, Orlando, Nashville and Raleigh. BREIT will also acquire the company’s two Sun Belt office properties and 10 mezzanine/preferred equity investments collateralized by under construction and newly-built multifamily assets.