Exceptionally High Standards for the Benefit of Our Residents
~$14B
invested to create and improve our residential properties globally since 2014
7,800+
residential portfolio company employees globally1
100M+
global pensioners who benefit from our investment results
Our Approach to Rental Housing
Blackstone is incredibly proud of its investments in housing. We have spent billions of dollars through both our equity investments and lending activities to make existing communities better places to live, add to the supply of housing and create thousands of jobs in local communities around the world.
Blackstone Housing Principles
We believe every resident deserves an exceptional rental experience. Excellence in residential operations enhances resident satisfaction, reduces turnover, and supports strong communities. These efforts are delivering value for Blackstone’s investors, including pension funds that provide retirement benefits for over 100 million teachers, firefighters and nurses.
In partnership with our portfolio companies and property managers, we strive to build and maintain high-quality housing. We expect our housing partners to uphold strong resident-friendly policies and operate at the highest standard of care, guided by core principles.
Focusing on Resident Experience
~3X
increase in StuyTown’s Net Promoter Score since our investment
~20%
increase in reported resident satisfaction rates across our US multifamily investments compared to the prior ownership2
41K+
repairs completed at our San Diego housing portfolio since acquisition in August 20213
Case Study: Improving Communities in San Diego
We are leaders in protecting tenants, preserving affordability and improving properties.
In the News
April 3, 2025
Tricon Residential Opens Two New Communities in Texas, Expanding Housing Supply
February 14, 2025
CoStar: Blackstone’s Tricon hits milestone in helping people through challenging times
February 14, 2025
Commercial Observer: April Housing Expands Resyndication Program
February 14, 2025
April Housing on Track to Become Largest Preserver of Affordable Housing in 2025
January 29, 2025
University of Utah and ACC Celebrate Groundbreaking of New 1,400-bed Housing Development
January 15, 2025
ACC and UC Berkeley Celebrate Grand Opening of New Graduate Student Housing Complex
Principles in Action
Portfolio Spotlights
April Housing
April Housing is a leading provider of solutions and capital for the creation and preservation of high-quality affordable housing throughout the United States.
Choice Lease by Home Partners
The Choice Lease program intends to deploy at least $1 billion to offer low-to-moderate-income families and historically under-represented communities rental rates that are ~10% below market and a customized path to home ownership.
Sage Homes
Created in 2017 by Blackstone and Regis, Sage Homes is the largest provider of newly built affordable homes in England and has been for three years running—in 2021, 2022 and 2023—contributing to much needed supply. Blackstone has committed over £3.7 billion to enable Sage to deliver more than 14,500 new affordable homes, with another 8,000 in the pipeline to be delivered by 2030.
StuyTown
At StuyTown in New York City, we voluntarily preserved 5,000 units as affordable housing while investing more than $425M into the property.
The NEC Group
The NEC Group is a leading UK live events business with over 45 years of world-class expertise in venue and destination management. Working with Blackstone, the NEC group is set to provide 5,000 homes, transforming over 27 hectares of surface level car parking and surplus land.
American Campus Communities
Blackstone Core+ perpetual capital vehicles acquired American Campus Communities, the largest owner of student housing in the United States.
Resources
Note: All figures as of December 31, 2023, unless otherwise noted.
- As of December 31, 2023, pro forma for Tricon Residential.
- Based on Google Reviews at LivCor properties and calculated using a weighted average of reviews through January 31, 2024; includes properties with at least 5 Google Reviews before and after acquisition.
- As of March 31, 2024.
- Princeton University Eviction Lab as of 2018.
While Blackstone believes ESG factors can enhance long-term value, Blackstone does not pursue an ESG-based investment strategy or limit its investments to those that meet specific ESG criteria or standards, except with respect to products or strategies that are explicitly designated as doing so in their offering documents or other applicable governing documents. Any such considerations do not qualify Blackstone’s objectives to maximize risk-adjusted returns.
“Beautiful place to grow up. I am very thankful we are given the opportunity [to have] a place to be safe – somewhere we can be at home and listened to.”
April Housing Resident
“We were able to rent a great house in our same neighborhood and within 8 months we were able to purchase it. There are no words to describe how grateful we are!”
Home Partners of America Residents
“I have lived here going on 4 months now and the amenities, the staff and the maintenance crew are top notch. I love it here!”
LivCor
“Stuytown and Peter Cooper Village are amazing places to live. I have been a resident for 10 years and have rented 3 different apartments in the community. All 3 units have been awesome.”
StuyTown