Three major law firms plotting $5.8 billion real estate purchase in Blackstone

Signage is seen outside the Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly

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  • Blackstone buys owner of rental apartment as property prices rise
  • The deal comes on top of privatization deals Simpson Thacher has advised Blackstone in recent months
  • King & Spalding, Vinson & Elkins advise Preferred Apartment Communities

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(Reuters) – Simpson Thacher & Bartlett is advising the real estate investment arm of Blackstone Inc on its roughly $5.8 billion acquisition of rental apartment owner Preferred Apartment Communities, which turned to King & Spalding and Vinson & Elkins for advice on the deal.

Atlanta-based Preferred Apartment Communities, which operates multifamily properties and invests in shopping malls, said Wednesday it had signed the deal with Blackstone Real Estate Income Trust Inc.

The transaction comes as a strong economic recovery, ultra-low interest rates and continued demand for larger homes have pushed up home prices in the United States.

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Simpson Thacher’s M&A partners Brian Stadler and Matthew Rogers, and real estate partner Erik Quarfordt lead the Blackstone unit.

Stadler, Rogers and Quarfordt recently worked on Blackstone’s planned $3.7 billion purchase of apartment owner Resource REIT Inc, according to a January press release.

Simpson Thacher’s attorneys have also worked individually on at least four other multi-billion-dollar Blackstone privatization deals over the past year, according to firm filings from 2022 and 2021.

The transactions include Blackstone’s $3.6 billion acquisition of apartment owner Bluerock Residential Growth REIT Inc; the $3.1 billion purchase of distribution and logistics real estate owner WPT Industrial Real Estate Investment Trust; the $10 billion purchase of data center operator QTS Realty Trust; and the $6 billion acquisition of hotel owner Extended Stay America Inc.

King & Spalding’s business, financial and investment partners Spencer Johnson, Tony Rothermel and John Anderson, along with tax partner Wayne Pressgrove, represented Preferred Apartment Communities.

King & Spalding previously advised the company on its sale of office properties to North Carolina-headquartered real estate investment firm Highwoods Properties Inc, according to an April 2021 firm filing.

Vinson & Elkins said in a statement that business partners Gregory Cope and Stephen Gill also advise Preferred Apartment Communities.

Read more:

Blackstone buys Preferred Apartment Communities for $5.8 billion

Blackstone affiliates buy Bluerock REIT in $3.6 billion deal

Business group leads Blackstone’s purchase of data center operator

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sierra jackson

Sierra Jackson reports on legal matters in connection with major mergers and acquisitions, including transaction work, litigation and regulatory changes. Contact her at [email protected]

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