Blackstone Real Estate Partners X has plans to acquire all outstanding common shares of Apartment Income REIT 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 high-quality rental housing communities concentrated primarily in coastal markets including Miami, Los Angeles, Boston and Washington (D.C.). Blackstone plans to invest more than $400 million to maintain and improve the existing communities in the portfolio and may invest additional capital to fund further growth.
“AIR Communities represents the highest-quality large-scale apartment portfolio we have ever acquired, and is located in markets where multifamily fundamentals are strong. 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,” said Nadeem Meghji, global co-head of