“This transaction represents a wonderful final result for our traders and demonstrates the robust institutional demand for high-quality belongings,” senior managing director Asim Hamid mentioned in Blackstone’s media release. “Rental housing stays one among our highest-conviction themes, and we proceed to see robust fundamentals in engaging markets. We’re happy to have labored with EQR on this transaction, who shall be a wonderful steward of those properties going ahead.”
The properties, averaging eight years outdated, are seen as a pretty alternative to increase Fairness Residential’s footprint in high-growth markets and add to its portfolio of high-end rental properties.
“We’re happy so as to add these high-quality, well-located properties to our rising portfolios in Atlanta, Dallas/Ft. Price and Denver at pricing that’s engaging in comparison with alternative prices,” mentioned Alec Brackenridge, govt vice chairman and chief funding officer of Fairness Residential. “This transaction is a big step in our purpose of producing the next share of our annual web working revenue from these robust development growth markets.”
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The portfolio sale additionally comes as Fairness Residential reaffirms its beforehand issued earnings steerage for the second quarter of 2024. The corporate mentioned the transaction is not going to influence its beforehand introduced monetary projections.
