Blackstone agreed to acquire an affordable housing portfolio of American International Group, a global insurance organization, for $5.1bn. “These communities provide critical affordable housing and we look forward to being long-term owners. We will make significant investments to improve the apartments while ensuring they remain affordable and in compliance with all rent regulations. We are committed to working with our partners in this sector to expand the supply of affordable housing,” Kathleen McCarthy, Blackstone Global Co-Head of Real Estate.