The Firm is representing Blackstone Real Estate Partners X in its acquisition of Apartment Income REIT Corp. (NYSE: AIRC) in an all-cash transaction valued at approximately $10 billion, including the assumption of debt. The transaction is expected to close in the third quarter of 2024, subject to approval by AIR Communities’ stockholders and other customary closing conditions.
AIR Communities’ portfolio consists of 76 high-quality rental housing communities concentrated primarily in coastal markets including Miami, Los Angeles, Boston and Washington D.C. Blackstone plans to invest more than $400 million to maintain and improve the existing communities in the portfolio and may invest additional capital to fund further growth.
The Simpson Thacher team includes Brian Stadler, Matt Rogers, Quinn Cronan, Izaak Lustgarten, Theresa Scharff, Michael Regard and Elias Rosenblatt (M&A); Erik Quarfordt, Danielle Jackson, Carla Fazari, Alexa Effron, Elie Lipnik, Isabelle McAlevey, Josh Schub and Pilar Ferreira (Real Estate); Nancy Mehlman and Ed Grais (Tax); Andrew Blau, Greg Grogan, Kristy Fields, Megan Arrowsmith and Guanxiong Xu (Executive Compensation); and Lori Lesser and Chandler Gerard-Reimer (Intellectual Property).