Blackstone Group Inc.'s /zigman2/quotes/203156858/composite BX -2.42% non-traded Blackstone Real Estate Income Trust said Monday it agreed to pay $14.75 a share for Resource REIT Inc. /zigman2/quotes/204741587/composite RSRL -2.50% in a deal that values the suburban apartment community owner at $3.7 billion. Blackstone Real Estate Income Trust is buying the firm's portfolio of 12,600 multifamily units, in 42 garden-style apartment communities. The purchase price amounts to a 63% premium over Resource REIT's most recently published net asset value of $9.06 per share as of Jan. 28. The transaction is expected to close in the second quarter. Blackstone Real Estate senior managing director Asim Hamid said the transaction "represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S." Shares of Blackstone Group are down 15.2% so far in 2022, compared to a drop of 7.7% by the S&P 500.