Blackstone’s rental housing portfolio includes apartment complexes, student housing, single-family homes, and more. Many of its real estate assets in the U.S. are concentrated in major cities like New York, as well as in states such as Texas, Georgia, and Florida.
“There’s typically a high degree of consistency across our different capital pools,” said Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, in an interview with CNBC. “What we really try to follow globally is job and population growth.”
Blackstone states that it owns less than 1% of the 46 million rental housing units spread across the U.S.
Currently, the Blackstone Real Estate Income Trust (BREIT) holds an ownership interest in at least 274,859 rental units, but this represents only a small portion of Blackstone’s overall real estate portfolio.
“Of the $315 billion allocated to real estate, only about $55 billion is held by BREIT, which is sold to retail investors,” said Craig McCann, Director at SLCG Economic Consulting.
Blackstone Real Estate was launched in 1991 with capital raised from institutional investors. According to market analysts, Blackstone could benefit significantly from its recent acquisitions in the coming years.
“In many areas, buying property is still cheaper than building new — a common pattern at the start of a new cycle. This curbs construction and supports rent growth,” said Will Pattison, Head of Real Estate Research at MetLife Investment Management, in a statement to CNBC.
