Blackstone Said to Acquire GE Apartments for $2.7 Billion - Bloomberg
Surging rental demand has sent U.S. apartment vacancies to
the lowest level in a decade, according to Reis Inc. In
residential real estate, New York-based Blackstone has focused
on buying single-family homes to rent, spending more than $5
billion to acquire more than 30,000 U.S. houses in the aftermath
of the foreclosure crisis.
The firm’s latest purchase comes as apartment stocks, one
of the best performers among commercial-property types since the
credit crisis, have fallen from their highs. The Bloomberg
Apartment Real Estate Investment Trust Index has declined 1.4
percent in the 12 months through yesterday, compared with a gain
of 9.6 percent for the broader Bloomberg REIT Index and a 23
percent return for the Standard & Poor’s 500 Index, after the
reinvestment of dividends.
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