Equity Residential Set to Acquire Blackstone Portfolio Valued at Nearly $1 Billion
Equity Residential is strengthening its presence in high-growth markets through an agreement to acquire 11 multifamily communities from Blackstone Real Estate and its subsidiaries—Blackstone Real Estate Income Trust, Blackstone Real Estate Partners, and Blackstone Property Partners—for approximately $964 million. The transactions, expected to close in the third quarter, mark a significant expansion for Equity Residential.
The acquisition includes 3,572 apartments across 11 properties, with an average age of eight years. The portfolio features 1,357 units in four properties in Atlanta, 1,237 units in four properties in Dallas-Fort Worth, and 978 units in three properties in Denver. Equity Residential highlights that these multifamily communities are well-suited to its higher-end renter demographic.
“We are pleased to add these high-quality, well-located properties to our growing portfolios in Atlanta, Dallas-Fort Worth, and Denver at pricing that is attractive compared to replacement costs,” said Alec Brackenridge, executive vice president and chief investment officer at Equity Residential. “This transaction is a significant step in our strategy to increase the percentage of our annual net operating income (NOI) from these strong growth markets. We value our partnership with Blackstone and look forward to expanding our relationship.”



Equity Residential, a leading public real estate investment trust (REIT), owns or has investments in nearly 300 properties with 79,738 units, making it the sixth-largest multifamily owner on the National Multifamily Housing Council’s 2024 Top 50 list. The company reported a strong second quarter, with results exceeding expectations.
“We are pleased to see positive momentum in our business, which led us to significantly raise our guidance,” said president and CEO Mark J. Parrell. “Our portfolio continues to benefit from steady demand among our well-employed, higher-earning renter demographic, elevated single-family housing costs, and manageable new apartment supply across most of our markets.”
For the second quarter, same-store revenue increased by 2.9% compared to the previous year, driven by strong demand and modest supply across most of the REIT’s markets. Same-store expenses grew by 2.7%, with low growth in primary expense categories, while same-store NOI rose by 3%.
“This transaction represents an excellent outcome for our investors and underscores the strong institutional demand for high-quality assets,” said Asim Hamid, senior managing director at Blackstone Real Estate. “Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets. We’re pleased to have worked with Equity Residential, who will be an excellent steward of these properties.”
Blackstone’s financial advisers for the transaction included Eastdil Secured, RBC Capital Markets, Santander, and Sumitomo Mitsui Banking Corp., while Simpson Thacher & Bartlett served as legal counsel. Equity Residential’s legal counsel included Neal Gerber & Eisenberg, Hogan Lovells, and Bryan Cave Leighton Paisner.