S&P 500-listed Equity Residential acquired 11 apartment communities in Atlanta, Dallas/Ft. Worth and Denver from entities of Blackstone for $964 million. Together, the properties are an average of eight years old and encompass 3,572 units. 

In Atlanta, Equity Residential acquired four properties with 1,357 apartments, while it picked up four properties with 1,237 apartments in Dallas/Fort Worth and three properties with 978 apartments in Denver.  

Equity Residential and Blackstone did not immediately respond to requests for specifics on the portfolio. The transactions, which are subject to customary closing conditions, are expected to close in the third quarter. 

“We are pleased to add these high-quality, well-located properties to our growing portfolios in Atlanta, Dallas/Fort Worth and Denver at pricing that is attractive compared to replacement costs,” said Alec Brackenridge, Equity Residential’s executive vice president and chief investment officer. “This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth-expansion markets.”