Blackstone Is Becoming The King Of Real Estate

The Blackstone Group LP (NYSE:BX) has been on a real estate buying spree this quarter. On Wednesday, the company announced its latest purchase, an assortment of apartment units for a cool $2 billion. This deal with Greystar Real Estate Partners gives Blackstone ownership of 10,399 apartment units.

This is on top of the November announcement that the company spent $3 billion to acquire real estate interests from the California Public Employees' Retirement System (CalPERS).

At the same time that these purchases have taken place, Blackstone has been aggressively raising capital for its real estate funds in an effort to keep dry powder available for more deals. On October 1st, Blackstone announced that the company completed financing its latest Global Real Estate Fund (Blackstone Real Estate Partners VIII) with a value of $15.8 billion. And this week, Blackstone announced that it's raising $4 billion for a debt fund that will help finance complex real estate transactions in North America and Europe.

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