Blackstone (NYSE: BX) has agreed to acquire Bluerock Residential Growth REIT (NYSEMKT: BRG) in a deal valuing the apartment-focused real estate investment trust ( REIT ) at $3.6 billion. It's paying $24.25 per share for the residential REIT, a whopping 124% premium to its share price before reports surfaced that Bluerock was exploring strategic options in September.
This deal is Blackstone's latest multibillion-dollar real estate purchase this year. It's also another in a string of multifamily transactions in the red-hot Sun Belt.
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Blackstone's Real Estate Buying Binge Continues in $3.6 Billion Apartment Deal