Blackstone making US$10b multifamily purchase, going on the real estate offensive

Steve Schwarzman, co-founder and chief executive officer of Blackstone Group. (Image: Getty)

Tue, 09 Apr 2024

By Craig Karmin and Peter GrantBlackstone has agreed to acquire an owner of upscale apartment buildings for about US$10 billion (NZ$16.5b), signalling that one of the world’s largest real-estate investors is ramping up investments again after a period of moving more cautiously. Blackstone is taking private Apartment Income REIT, known as AIR Communities, which owns 76 rental housing communities that are primarily in coastal markets, including Miami, Los Angeles and Boston, the companies confirmed on Monday. Blackstone plans to invest...

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