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Blackstone Hunts for Apartments in Latest Rental Foray

Blackstone Group LP, the biggest U.S. landlord of single-family houses, is carving out a new company to own apartment real estate, betting demand will outpace supply for at least three more years.

Blackstone is hunting for acquisitions to expand LivCor, a Chicago-based company formed last year from the purchase of stakes in 71 apartment properties valued at $2.4 billion. The firm is concentrating on suburban areas where there’s not as much new construction, including in the Southeast and in Texas, where more than half of the roughly 26,000 units it acquired are located, said Nadeem Meghji, who is overseeing the business.