Blackstone Group on a buying spree in South Florida

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

TRD New York /
July 01, 2014 01:00 PM

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


Related Article

arrow_forward_ios
65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

(Illustration by Tim Peacock)

The e-commerce industrial revolution

Blackstone president Jonathan Gray and 145-07 156th Street in Queens (Credit: Getty Images and Google Maps)

Fresh off $18B industrial buy, Blackstone in talks for collection of warehouses near JFK

Blackstone is already selling pieces of the $18B GLP industrial portfolio

arrow_forward_ios