A large private equity firm says it’s embarking on a plan to buy homes across the country and turn them into rentals.
The Tampa Bay Times reports Blackstone intends to buy $1 billion in properties in that region over the next three years. Peter Rose, a spokesman for Blackstone, said Friday the firm has started acquiring homes “in a number of cities across the U.S.” but added that the amount of money spent in any one city would be a “tiny fraction” of $1 billion.
Rose declined to identify markets that New York-based Blackstone is targeting. He said the firm is working with local real estate agents in the various communities.
t’s a fundamental belief that the housing market in certain cities is stable, the economy is improving and people need affordable places to live,” Rose said. “The combination of all that makes this an attractive opportunity.”
. David Dweck, founder of the Boca Real Estate Investment Club, said he hasn’t seen anything specific either, though he has heard rumbling
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