A unit of private-equity behemoth Blackstone is picking up two Houston-area garden apartment communities in its $3.7 billion acquisition of a Philadelphia-based multifamily landlord.
The properties — Aston at Cinco Ranch in Katy and Trailpoint at the Woodlands in Houston — are part of a 42-community portfolio of more than 12,600 units that includes other Texas properties as well, particularly in the Dallas-Fort Worth area. The remaining communities are located in Arizona, California, Colorado, Florida, Georgia, Illinois, Minnesota, North Carolina, Ohio, Oregon, Pennsylvania and Virginia.
Under the terms of the deal, Blackstone Real Estate Investment Trust Inc. will acquire Resource REIT and its assets for $14.75 per share in cash. The deal is expected to close in the second quarter, subject to customary closing conditions, including the approval of Resource REIT’s common stockholders.
“This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S.,” Blackstone Real Estate senior managing director Asim Hamid said in a press release. “Blackstone intends to capitalize on our expertise, scale and best-in-class management practices to ensure these properties are well maintained and provide an exceptional experience for residents.”
Lazard Frères & Co. LLC is acting as Resource REIT’s exclusive financial adviser, and DLA Piper LLP (US) is acting as its legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisers to Blackstone, and Simpson Thacher & Bartlett LLP is providing legal counsel.