The Real Deal Miami

Blackstone makes $3B housing bet: VIDEO

March 11, 2013 01:00PM

Stephen Schwarzman (left)

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. (See the video after the jump)