During the review period, Blackstone concentrated its North American real estate strategy on high-demand asset classes, with a particular emphasis on multi-family residential rentals, industrial properties, and data centres. Through its Blackstone Real Estate Income Trust (BREIT), Blackstone’s portfolio has grown significantly and has maintained a high occupancy rate, at approximately 94%, and steady returns, underlining its successful strategy of focusing on stabilized, income-generating assets.
The investment manager concluded significant high-profile transactions during the review period, which included its acquisition of Apartment Income REIT Corp in April 2024 for approximately $10 billion, one of its largest multi-family property investments. This transaction encompassed 76 properties with more than 27,000 rental units in major US cities such as Miami, Los Angeles, and Washington, DC, strengthening Blackstone’s foothold in these high-demand rental markets. Blackstone also committed an additional $400 million to upgrade these communities, underscoring its commitment to enhancing rental housing quality across North America.
In residential real estate, Blackstone has expanded its residential holdings, particularly in the single-family and multi-family rental sectors.