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BX - Blackstone Buys Apartment Income REIT: Value Investors Rejoice
The Blackstone Group L.P. Representing Limited Partnership Interests
2024-04-14 15:15:42 ET
Summary
Multifamily REIT investment outlook was gloomy due to slowing rent growth and oversupply of housing units.
Blackstone's pending acquisition of Apartment Income REIT (AIRC) sparked renewed interest in apartment investments.
Blackstone is taking AIRC private at a cash purchase price of $39.12/share, indicating their confidence in the value of the company.
The early 2024 outlook for multifamily REIT investment could not have been gloomier. In its April report , Apartment List describes slowing rent growth as we enter the peak apartment leasing season....