Blackstone Real Estate Income Trust completed the acquisition of Preferred Apartment Communities for $5.8bn.

Blackstone Real Estate Income Trust, a real estate investment platform, completed the acquisition of Preferred Apartment Communities, a real estate investment trust, for $5.8bn. “We are pleased to complete this acquisition on behalf of our BREIT investors and welcome the talented PAC team to Blackstone. Inclusive of this transaction, approximately half of BREIT’s portfolio comprises residential properties largely located in the West and South regions of the US, which are seeing robust demand and stable occupancy. PAC’s portfolio of high-quality multifamily in key SunBelt markets and grocery anchored retail centers is a complementary addition to BREIT’s portfolio of stabilized, income-generating assets, and we look forward to being long-term owners of these properties,” Jacob Werner, Blackstone Real Estate Co-Head of Americas Acquisitions. On June 9, 2022, PAC recommends stockholders to vote for Blackstone Real Estate Income Trust acquisition plan. On June 17, 2022, Preferred Apartment Communities stockholders approve a $5.8bn acquisition by Blackstone Real Estate Income Trust.