Equity Residential to Acquire Apartment Portfolio from Blackstone
$979 Million Deal Expands Portfolio in Chicago and New York
Press Release via Business Wire
CHICAGO and NEW YORK (August 7, 2024) - Equity Residential (NYSE: EQRN) announced today that it has entered into an agreement to acquire a portfolio of 11 apartment properties from Blackstone (NYSE: BX) for approximately $979 million.
The portfolio consists of 2,214 units located in high-growth submarkets of Chicago and New York City. The acquisition will expand Equity Residential's footprint in these key markets and further enhance its portfolio of luxury and mid-rise apartment homes.
"This strategic acquisition aligns with our goal of investing in high-quality, well-located properties in major metropolitan areas," said Mark Parrell, President and CEO of Equity Residential. "These assets are a strong complement to our existing portfolio and will provide us with opportunities for long-term growth and value creation."
The closing of the transaction is expected to occur in the fourth quarter of 2024, subject to customary closing conditions. Upon completion, Equity Residential will own or have investments in nearly 300 properties with approximately 79,738 units across the United States.
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