Blackstone Making $10 Billion Multifamily Purchase, Going on the Real Estate Offensive

Blackstone has agreed to acquire an owner of upscale apartment buildings for about $10 billion, signaling that one of the world’s largest real-estate investors is ramping up investments again after a period of moving more cautiously. Blackstone is taking private Apartment Income REIT known as AIR Communities which owns 76 rental housing communities that are primarily in coastal markets, including Miami, Los Angeles, and Boston, the companies confirmed Monday. Blackstone plans to invest another $400 million to improve these properties, the firm said.