Blackstone slows home buying as prices surge
Its acquisition of houses to rent has fallen 70% from its peak last year
Add BT as a preferred source[LOS ANGELES] Blackstone Group is slowing its purchases of houses to rent amid soaring prices after a buying binge made it the biggest US single-family home landlord.
Blackstone's acquisition pace has declined 70 per cent from its peak last year, when the private equity firm was spending more than US$100 million a week on properties, said Jonathan Gray, global head of real estate for the New York-based firm.
After investing US$8 billion since April 2012 to buy 43,000 homes in 14 cities, the company has narrowed most of its purchasing to Seattle, Atlanta, Miami, Orlando and Tampa.
