Blackstone has closed its acquisition of Bluerock Residential Growth REIT in an all-cash transaction valued at $3.6 billion.
Blackstone first announced the deal last December, revealing that Bluerock had agreed to sell all outstanding shares of its common stock for $24.25. Bluerock has also finalized the spin-off of its single-family rental business into an externally managed real estate investment trust, Bluerock Homes Trust (BHM). The REIT has started trading on the New York Stock Exchange American.
As part of the agreement, Blackstone will acquire 30 multifamily properties comprising approximately 11,000 units and a loan book secured by 24 multifamily assets. Most of the properties are in Atlanta, Phoenix, Orlando, Denver and Austin.