Equity Residential is growing is footprint in three metros. It was announced in August that the company agreed to acquire 11 properties from Blackstone Real Estate in separate transactions.
The new portfolio has 11 communities totaling 3,572 apartment units that are eight years old, on average. More than 1,300 units are at four properties in Atlanta; Dallas/Fort Worth has more than 1,200 unit at four properties; and Denver has nearly 1,000 apartment homes.
"Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets," said Asim Hamid, Senior Managing Director at Blackstone, in a release. "We’re pleased to have worked with EQR on this transaction, who will be an excellent steward of these properties going forward.”
Equity Residential has 299 properties totaling nearly 80,000 apartment units
“This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets," said Alec Brackenridge, Equity Executive Vice President and Chief Investment Officer, in the release. "We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship.”