King & Spalding and Vinson & Elkins are advising Preferred Apartment Communities Inc. on a Blackstone unit’s plan to acquire the real estate investment trust.
Simpson Thacher & Bartlett is counseling Blackstone Real Estate Income Trust on the transaction, which values Preferred Apartment at around $5.8 billion and is expected to close in the second quarter.
The arrangement includes a 30-day “go-shop” period, expiring March 18, during which the Atlanta-based REIT can seek a better offer, according to a statement.
The deal includes Preferred Apartment’s 44 rental apartment properties, with around 12,000 units, mainly in Atlanta, Orlando, Tampa, Jacksonville, Charlotte, ...