Blackstone Inc. is buying apartment owner Preferred Apartment Communities Inc. in a deal valued at $5.8 billion, extending its bet on rental housing across Sun Belt states.
Blackstone will pay for $25 a share in cash for the Atlanta-based real estate investment trust, according to a statement Wednesday. That’s a premium of roughly 39% over the closing price on Feb. 9, the day before Bloomberg News reported the REIT was exploring options including a sale.
