NAA Industry Insider: Blackstone to Acquire GE Apartments for $2.7 Billion

In one of its largest forays into the U.S. multifamily housing market, Blackstone Group LP has agreed to buy 80 apartment communities for about $2.7 billion. The nation's largest manager of private-equity real estate funds is acquiring the communities from General Electric Co.'s GE Capital unit, which has been paring its real estate holdings as part of a larger plan to shrink its finance division. Soaring rental demand has sent U.S. apartment vacancies to their lowest level in a decade, notes Reis Inc. New York-based Blackstone's latest acquisition comes as apartment stocks have fallen from their highs.

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