Blackstone to Buy Resource REIT in $3.7 Billion Apartment Deal

Blackstone Real Estate Income Trust Inc. agreed to buy Resource REIT Inc. in a deal valued at $3.7 billion, expanding its bet on U.S. rental housing.

BREIT, the non-traded real estate investment trust of Blackstone Inc., will buy Philadelphia-based Resource for $14.75 a share and assume its debt, according to a statement Monday.

The deal gives Blackstone a portfolio of 42 garden-style apartment communities totaling more than 12,600 units in 13 states, including Texas, Arizona, Florida, Colorado and Georgia.

“This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S.,” said ...