Blackstone Group on a buying spree in South Florida

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

New York /
Jul.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 Articles

arrow_forward_ios
A photo illustration of Blackstone's Jon Gray (Getty, Blackstone)
Blackstone ramps up tenant evictions
Blackstone ramps up tenant evictions
Jonathan Gray
Real estate problems drag down Blackstone’s profits
Real estate problems drag down Blackstone’s profits
From left: Blackstone's Nadeem Meghji and Jon Gray (Getty, Blackstone)
University of California commits $500M more to BREIT
University of California commits $500M more to BREIT
Blackstone’s Nadeem Meghji
Blackstone REIT’s latest adversary: tenants
Blackstone REIT’s latest adversary: tenants
Home Partners of America co-founder Bill Young
Home Partners of America cuts workforce
Home Partners of America cuts workforce
Stuyvesant Town and Blackstone president Jonathan Gray (Getty; Blackstone/YouTube)
Here’s what Stuy Town ruling means for rent regulation
Here’s what Stuy Town ruling means for rent regulation
Blackstone's Nadeem Meghji (Blackstone, Getty)
Blackstone: UC investment “changed the narrative” around BREIT
Blackstone: UC investment “changed the narrative” around BREIT
Blackstone's Jonathan Grey and an aerial view of Stuytown (Getty, Alamy)
Stuy Town tenants score major win to keep apartments stabilized
Stuy Town tenants score major win to keep apartments stabilized
arrow_forward_ios

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

Loading...