Blackstone Said to Acquire GE Apartments for $2.7 Billion

The biggest manager of private-equity real estate funds is acquiring the properties from General Electric Co.'s GE Capital unit, said the person, who asked not to be identified because the transaction isn't public. GE has been paring its property holdings as part of a strategy to shrink its finance division.

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Blackstone is stepping up wagers on apartments as it sells its biggest hotel, office and retail holdings. The company has filed for initial public offerings of its Brixmor Property Group shopping center unit and Extended Stay America hotel chain. It hired bankers for an IPO of Hilton Worldwide Inc. and possible IPO or sale of its La Quinta limited-service hotels, people with knowledge of the plans have said.