Preferred Apartment Communities, Inc. to be Acquired by Blackstone Real Estate Income Trust
Vinson & Elkins advised Preferred Apartment Communities, Inc. (“PAC”), a leading owner and operator of Class A multifamily properties concentrated in the American Southeast, in connection with its entry into a definitive agreement under which funds affiliated with Blackstone Real Estate Income Trust, Inc. will acquire all outstanding shares of PAC for $25.00 per share in an all-cash transaction valued at approximately $5.8 billion.
Blackstone’s acquisition of PAC includes 44 high-quality multifamily communities totaling approximately 12,000 units and 54 grocery-anchored retail assets comprising approximately six million square feet.
The V&E corporate team was led by partners Greg Cope and Steve Gill and senior associate Mariam Boxwala, with assistance from associates Elizabeth Shetty, Bekah Briggs, Ryan Polk and Terrence Ogren. Also advising were partner David D’Alessandro, counsel Regina Ibarra and associate Brian DeShannon; partner Wally Schwartz and senior associate Genta Stafaj; partners Christopher Mangin and Paige Anderson and associates Christina McLeod and Maddie Brown; and partner Sean Becker and associate Peter Goetschel.
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