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