Last month, the world’s largest asset manager told investors the real estate market had bottomed. Yesterday, BlackstoneBX

put its money where its mouth is, sealing a $10B deal for Apartment Income REIT (known as AIR Communities).

• The firm, which owns 76 high-end apartments across various US cities, is a big bet on residential real estate.
• The deal comes months after Blackstone spent $3.5B to acquire Canada’s Tricon Residential.

Real estate rebound: Blackstone isn’t the only one feeling optimistic — JPMorganJPM

also believes that, apart from offices, the real estate sector could be finding a floor. Moreover, home building is up, particularly in single-family rentals— signaling confidence in this market segment. With mortgage rates so high, it’s been a good time to be a renter — but if rates keep slipping, the tide could turn in favor of buying.

Read: Uncover how Blackstone’s $10B housing market gamble intersects with data center challenges, revealing potential impacts on Blackstone’s strategies.