The Blackstone Group notched another deal this week in its continued push into the rental market.
Philadelphia-based Resource REIT announced it was being acquired by Blackstone Real Estate Income Trust in a transaction valued at $3.7 billion. BREIT agreed to acquire outstanding shares of the REIT for $14.75 per share, a premium of 63 percent on the REIT’s Net Asset Value of $9.06 per share, determined last January.
“This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S.,” said Asim Hamid, senior managing director at Blackstone Real Estate.
Once the deal closes, BREIT will acquire 42 multifamily, garden-style apartments from Resource REIT. The communities include more than 12,600 units and are located in 13 states, including Georgia, Florida and Texas.
Read more
![Mayor Jesse Arreguín (City of Berkeley, Public domain, via Wikimedia Commons, Getty)](https://static.therealdeal.com/wp-content/uploads/2022/10/Frame-2884.png)
![](https://static.therealdeal.com/wp-content/uploads/2022/01/NATL-1B-in-rent-reduction-available-to-select-Blackstone-tenants-FEATUREIMG-250x179.jpg)
The transaction is expected to close in the second quarter.
Blackstone has made sizable moves in the rental market with a series of deals in recent months, taking advantage of skyrocketing rents in the multifamily and single-family sectors.
In December, the investment giant agreed to acquire Bluerock Residential Growth REIT in a deal similarly valued at $3.6 billion. Affiliates of Blackstone Real Estate bought common stock for $24.25 per share, set to acquire 30 rental properties comprising about 11,000 units in the deal, along with a loan book secured by 24 multifamily assets.
On the single-family side of the rental business, Blackstone made waves in June by announcing its return to the single-family rental business with a $6 billion acquisition of rent-to-own specialist Home Partners of America. Bloomberg reported last week the investment giant was planning a $1 billion move to expand its backing of its single-family rental offerings.