Blackstone is acquiring Bluerock Residential Growth REIT in an all-cash transaction valued at $3.6 billion, according to a joint news release issued Monday.
Blackstone will buy all outstanding shares of common stock of Bluerock Residential for $24.25 per share, which it said is a premium of about 124% over the unaffected closing stock price on Sept. 15, the date a media story appeared about the company exploring a sale, the news release said.
Before the expected closure of the deal in the second quarter of 2022, Bluerock will spin off its single-family rental business to a newly formed REIT, Bluerock Homes Trust, which will be externally managed by an affiliate of Bluerock Real Estate fund.
Blackstone will acquire 30 garden-style apartment buildings, totaling about 11,000 units and mainly located in Atlanta; Austin, Texas; Denver; Orlando, Fla.; and Phoenix, the news release said.
The transaction has been unanimously approved by the Bluerock Residential Growth REIT's board of directors, the release said.