Blackstone Wraps Up $3.6B Acquisition of Bluerock Residential Growth REIT

October 6, 2022 | Paul Bubny | ConnectCRE

Affiliates of Blackstone Real Estate have completed the previously announced acquisition of Bluerock Residential Growth REIT, Inc. for $24.25 per share in an all-cash transaction valued at $3.6 billion. First announced last December, the acquisition adds 11,000 units across 30 multifamily properties along with a loan book secured by 24 multifamily assets to Blackstone’s portfolio.

Bluerock has also spun off its single-family rental business into an externally managed REIT, Bluerock Homes Trust, Inc. The new company began trading on the New York Stock Exchange American Thursday morning.

Barclays and Wells Fargo Securities served as Blackstone’s financial advisors, and Simpson Thacher & Bartlett LLP as Blackstone’s legal advisor. Morgan Stanley and Eastdil Secured served as Bluerock’s lead financial advisors with BofA Securities also serving as an advisor. Wachtell, Lipton, Rosen & Katz, KVCF, PLC, and Vinson & Elkins, LLP served as Bluerock’s legal counsel.

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