Zero Hedge
By Tyler Durden – February 16, 2022
Wall Street won’t rest until it become the biggest – and perhaps only – landlord in the US.
On Wednesday, Blackstone cemented its position as America’s largest residential and commercial landlord by buying apartment owner Preferred Apartment Communities in a deal valued at $5.8 billion, demonstrating the unstoppable investor demand for multifamily – i.e., rental – properties in Sunbelt states.
According to the WSJ, Blackstone will pay for $25 a share in cash for the Atlanta-based real estate investment trust, according to a statement Wednesday. That represents a premium of roughly 39% over the closing price on Feb. 9, the day before Bloomberg News reported the REIT was exploring options including a sale.