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8/08/24
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Equity Residential has agreed to acquire 11 apartment properties in Atlanta, Dallas/Ft. Worth and Denver from Blackstone Real Estate strategies in separate transactions totaling $964 mil. The properties being traded total 3,572 apartment units and are on average eight years old.
Equity expects to unlock additional opportunities and value with these properties. The portfolio consists of four properties with 1,357 apartment units in Atlanta, four properties with 1,237 apartment units in Dallas/Ft. Worth and three properties with 978 apartment units in Denver.
The deals are expected to close in the third quarter of 2024. In connection with this transaction, Equity Residential is reaffirming the earnings guidance provided in its Second Quarter 2024 Earnings Release on July 29, 2024.
Eastdil Secured, RBC Capital Markets LLC, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. Neal Gerber & Eisenberg LLP, Hogan Lovells, and Bryan Cave Leighton Paisner LLP served as Equity Residential’s legal counsel.
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