M&A Deal Summary

The Blackstone Group Acquires AIR Communities

On April 8, 2024, private equity firm The Blackstone Group acquired real estate company AIR Communities for 10.0B USD

Acquisition Highlights
  • This is The Blackstone Group’s 11th transaction in the Real Estate sector.
  • This is The Blackstone Group’s 14th largest (disclosed) transaction.
  • This is The Blackstone Group’s 201st transaction in the United States.
  • This is The Blackstone Group’s 8th transaction in Colorado.

M&A Deal Summary
Date 2024-04-08
Target AIR Communities
Sector Real Estate
Buyer(s) The Blackstone Group
Deal Type Going Private
Deal Value 10.0B USD
Advisor(s) Citigroup Investment Banking (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

AIR Communities

Denver, Colorado, United States
website
AIR Communities is a real estate company with a portfolio of 76 communities totaling 27,010 apartment homes located in 10 states and the District of Columbia. AIR offers a predictable business model with focus on what we call the AIR Edge, the cumulative result of our focus on resident selection, satisfaction, and retention, as well as relentless innovation in delivering best-in-class property management. AIR Communities is based in Denver, Colorado.

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Buyer(S) 1

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 319 of 320
Sector (Real Estate) 11 of 11
Type (Going Private) 32 of 32
State (Colorado) 8 of 8
Country (United States) 201 of 202
Year (2024) 3 of 4
Size (of disclosed) 14 of 167
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-14 7 Brew

Fayetteville, Arkansas, United States

7 Brew is a coffee brand that serves espresso-based coffee, chillers, teas, infused energy, sodas, and more. 7 Brew was founded in 2017 and is based in Fayetteville, Arkansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-24 Tropical Smoothie Cafe

Atlanta, Georgia, United States

Tropical Smoothie Cafe is a franchisor of fast-casual cafes with over 1,400 locations in 44 states. It serves smoothies, wraps, sandwiches, and flatbreads across multiple dayparts. Tropical Smoothie Cafe was founded in 1997 and is headquartered in Atlanta, Georgia.

Buy -
Mergr

Product

Company

Legal