Equity Residential has announced a significant acquisition, agreeing to purchase 11 apartment properties from Blackstone’s real estate unit for approximately $964 million. This transaction, marking the largest apartment purchase by a public REIT in seven years, includes complexes located in Atlanta, Dallas/Fort Worth, and Denver. The 3,572 units are poised to enhance Equity Residential’s footprint in these strategic markets and cater to its higher-end renter demographic.

Blackstone, a global investment firm with a substantial presence in real estate, has been actively managing and selling off assets to streamline its portfolio. Known for its extensive investments in commercial and residential real estate, Blackstone’s real estate unit has been pivotal in shaping its growth strategy. This sale aligns with Blackstone’s strategy to monetize certain assets and focus on other investment opportunities. The firm, led by CEO Stephen Schwarzman, has seen its shares fluctuate amid broader market trends, with a recent decline of 2.3% to $127.38.

Equity Residential’s acquisition is expected to close within the current quarter. Despite the large deal, Equity Residential’s shares slipped 1.8% to $70.11 by late afternoon, though they remain up about 15% year-to-date. The company, headquartered in Chicago, currently owns or has investments in approximately 300 properties with around 80,000 apartment units. This acquisition will bolster its presence in targeted markets and support its expansion goals.