The largest landlords of single- family homes, including Blackstone Group LP, have formed an industry trade group at a time their impact on housing and finance faces scrutiny.
Blackstone Group LP is slowing its purchases of houses to rent amid soaring prices after a buying binge made it the biggest U.S. single-family home landlord.
Jonathan Gray, the global head of real estate at Blackstone Group LP, said the firm plans to spend more money on properties overseas, where bargains are more plentiful than in the U.S.
Wall Street-backed landlords are showing a greater appetite for bad mortgages as a source for cheap property as the supply of foreclosed homes declines while housing prices continue to climb.
Jonathan Gray, the 43-year-old who runs Blackstone Group LP’s real estate business, is the latest billionaire to emerge from the world’s largest manager of private equity and property.
On a rainy night in November, Mark Futral, wearing a red hooded sweatshirt, approached a white ranch house in Flowery Branch, a northeastern suburb of Atlanta, crowbar in hand.
An 800-pound gorilla, the joke goes, can sleep wherever it wants. Blackstone Group LP, manager of the world’s largest real estate fund, has no time to rest.
Blackstone Group LP expects to increase sales of its property holdings in the next year, with potential buyers including real estate investment trusts and sovereign wealth funds, said Jonathan Gray, the firm’s global head of real estate.
Jonathan Gray, head of global real estate at Blackstone Group LP, will join the firm’s board of directors after his business brought in $1 billion in profit in 2011.
Jonathan Gray, head of global real estate at Blackstone Group LP, gave $25 million to the University of Pennsylvania to start a center studying cancer treatment and prevention.
"The reality is that institutional buyers are in a relatively limited number of markets."
- Jonathan Gray on Mar 26, 2014