Blackstone makes $3B housing bet: VIDEO

New York /
Mar.March 11, 2013 01:30 PM

Private equity giant Blackstone Group has grown its residential real estate portfolio to $3 billion, in a bet on the housing recovery, chairman and CEO Stephen Schwarzman told CNBC. The recent portfolio growth has made Blackstone the largest owner of individual houses in the U.S.

Schwarzman said that while his company is buying up swaths of houses, banking on the nascent recovery, he isn’t looking to flip them for a quick buck. Rather, Blackstone is targeting distressed properties, making repairs and renting them out.

“It’s a good business for us. It’s a new thing, but it’s also good for America,” Schwarzman said.

Indeed, single-family rental homes make up 52 percent of the housing stock in the U.S., according to a study cited by real estate columnist Kenneth Harney , and such residences grew at a rate five times faster than other housing types between 2005 and 2010, U.S. Census data show.

Closer to New York, real estate investment firm DelShah Capital [https://therealdeal.com/blog/2013/02/21/delshah-capital-jumps-into-smaller-residential-homes/] recently purchased a package of 21 single-family rental homes in Brooklyn, as The Real Deal reported.

[CNBC]Christopher Cameron


Related Articles

arrow_forward_ios
Levered and loaded: KKR looks to flex its real estate muscle
Levered and loaded: KKR looks to flex its real estate muscle
Levered and loaded: KKR looks to flex its real estate muscle
Blackstone secures $1.1B refi on Sun Belt multifamily portfolio
Blackstone secures $1.1B refi on Sun Belt multifamily portfolio
Blackstone secures $1.1B refi on Sun Belt multifamily portfolio
RealSure CEO Katie Finnegan (LinkedIn)
Realogy, Home Partners of America iBuying venture hires first CEO
Realogy, Home Partners of America iBuying venture hires first CEO
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Main-MainImage_.psd FT-Thumbnail_.psd
Blackstone to net $4B profit in sale of Vegas casino
Blackstone to net $4B profit in sale of Vegas casino
Blackstone Group's Stephen Schwarzman, KKR's Henry Kravis and Apollo's Leon Black (Getty, Facebook, iStock)
Blackstone, Apollo, KKR take market hit on Evergrande tumult
Blackstone, Apollo, KKR take market hit on Evergrande tumult
The Cosmopolitan of Las Vegas at 3708 Las Vegas Blvd S and Blackstone CEO Stephen Schwarzman (Google Maps, Getty)
Blackstone marketing Cosmopolitan Las Vegas for $5B
Blackstone marketing Cosmopolitan Las Vegas for $5B
Blackstone buying WPT Industrial in $3B deal
Blackstone buying WPT Industrial in $3B deal
Blackstone buying WPT Industrial in $3B deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...