The Real Deal New York

Blackstone Group on a buying spree in South Florida

Midtown East-based firm bought six times more properties than next-most active investor

July 01, 2014 01:00PM

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Blackstone Group Chairman and CEO Stephen Schwarzman

Blackstone CEO Stephen Schwarzman

From the South Florida website: Midtown East-based private equity firm Blackstone Group has been among the busiest buyers in South Florida, snatching up 1,181 homes for more than $291 million since January 2012 — six times more than next most active investor.

According to a public records analysis by research firm DataQuick, affiliates tied to the group have bought 411 Palm Beach County properties from January through May 2013. That’s more than double the firm bought during the same period last year.

The report also shows Blackstone affiliates having acquired 475 properties in Broward County during that same time period.

Andrew Gallina, a spokesperson for the company that manages Blackstone’s acquisitions, told the Sun-Sentinel the firm has cut its acquisitions by 70 to 80 percent from a year ago in most of its markets, though it still sees Broward and Palm Beach counties as legitimate prospects.

“The opportunity has move on as the market has healed itself,” Gallina said. [Sun-Sentinel– Kerry Barger

  • SHAMEFUL

    I HOPE TO SEE THESE HEDGE FUND COMPANIES FALL. THE FACT THAT THE GOVERNMENT ALLOWS COMPANIES TO BUY OUT THIS MANY PROPERTIES AND OUT BIDDING RESIDENTS WHO TRY TO FIND A HOME IS WRONG. THERE HAS NOT BEEN ONE ARTICLE FROM ANY REAL ESTATE BLOG ABOUT HOW THESE COMPANIES BID AND RAISE THE TRUE VALUE OF THE HOMES WHIHC DONT ALLOW REGULAR BLUE COLLAR FIRS TIME HOME BUYERS COMEPETE. BANKS APPROVE YOU FOR A MORTGAGE BUT WHEN YOU COME ACROSS COMPANIES WITH CASH AND CAN RAISE THE BID UP TO 50k MORE THEN ITS WORTH IS WRONG ON SO MANY LEVELS. DONT PRAISE THESE COMPANIES. THEY ARE FORCING RESIDENTS TO RENT BECAUSE THYE BUY OUR EVERYTHING THAT A RESIDENT CAN AFFORD.

    • Anon

      That’s just stupid

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