Blackstone Real Estate Income Trust is acquiring Resource REIT in an all-cash transaction of $14.75 per share for $3.7 billion, including the assumption of the REIT's debt.
The deal expands Blackstone's already formidable presence in the rental markets. Recently, to name one example, its Home Partners of America announced a $1 billion program in which it will buy rental homes, rent them at a discount to people at a certain income level and then allow them to buy the homes at below market prices.
Under the terms of the agreement, BREIT will acquire the REIT's portfolio of multifamily, garden-style assets comprising 42 apartment communities totaling more than 12,600 units. The assets are located in submarkets spanning 13 states, including Arizona, Colorado, Florida, Georgia and Texas.
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The transaction has been unanimously approved by the REIT's Board of Directors and represents a premium of 63% to the Resource REIT's most recently published net asset value of $9.06 per share, which was initially determined twelve months ago by the REIT's Board of Directors as of January 28, 2021. The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions, including the approval of the REIT's common stockholders.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
