The company said it agreed to acquire 11 apartment properties from Blackstone Real Estate strategies in separate transactions for about $964 million. It said the transactions remain subject to customary closing conditions and are expected to close in Q3 2024.

1. 01

   The company said it agreed to acquire 11 apartment properties from Blackstone Real Estate strategies in separate transactions for about $964 million. It said the transactions remain subject to customary closing conditions and are expected to close in Q3 2024.

2. 02

   The company said the properties are located in the expansion markets of Atlanta, Dallas/Ft. Worth and Denver, total 3,572 apartment units and are on average 8 years old. It said the portfolio consists of 4 properties with 1,357 units in Atlanta, 4 properties with 1,237 units in Dallas/Ft. Worth and 3 properties with 978 units in Denver.

3. 03

   The company said it is reaffirming the earnings guidance it provided in its Second Quarter 2024 Earnings Release on July 29, 2024 in connection with this transaction.

4. 04

   Alec Brackenridge, Executive Vice President and Chief Investment Officer of the company, said the transaction is a significant step toward its goal of generating a higher percentage of annual net operating income from its expansion markets, and that the pricing is attractive compared with replacement costs.

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Original filing

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