Equity Residential to acquire apartment portfolio from Blackstone Real Estate for $964m.

Equity Residential, an owner and operator of high-quality rental apartment properties, agreed to acquire 11 apartment properties from Blackstone Real Estate, a company specialising in real estate investing, for $964m. “We are pleased to add these high-quality, well-located properties to our growing portfolios in Atlanta, Dallas/Ft. Worth and Denver at pricing that is attractive compared to replacement costs. This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets. We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship," Alec Brackenridge, Equity Residential Executive Vice President and Chief Investment Officer.