Equity Residential to acquire 11 apartment properties from Blackstone for ~$964M

EQUITY RESIDENTIAL

Acquires 11 apartment properties (3,572 units) in Atlanta, Dallas/Ft. Worth, Denver for ~$964M; avg 8 years old.
Expected close Q3 2024 subject to customary conditions; reaffirms existing earnings guidance.
Properties in expansion markets; CEO Brackenridge cites attractive pricing relative to replacement cost.
Blackstone's Hamid notes strong demand; advisors include Eastdil, RBC, Santander, SMBC.

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