EQUITY RESIDENTIAL WILL BUY APARTMENT PORTFOLIO FROM BLACKSTONE FOR NEARLY $1 BLN

Equity Residential has agreed to acquire 11 apartment properties located in its expansion markets such as Atlanta and Denver from Blackstone for about $964 million, the companies said on Wednesday.

The company will purchase the portfolio comprising of 3,572 apartment units in separate deals with Blackstone Real Estate strategies. The properties cater to a demographic of higher-end renters. The deal comes at a time when real estate investment trusts have been sharpening their focus on rental housing acquisition, as the supply of apartments in the U.S. is expected to decline due to a slowdown in construction.

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