Name: 為什麼 Blackstone 又開始在美國買房了？ (Why Blackstone Is Buying Homes In The U.S. Again)
Uploaded: 2025-11-13T17:29:09.000Z
Duration: 11 min 52 s

Blackstone is an American financial giant with over $1 trillion in assets under management.

Blackstone 是一家美國金融巨頭，資產管理規模超過 1 兆美元。

What we do is we buy assets, say we buy a company and we make them better.

我們做的就是收購資產，假設我們收購一家公司，然後進行改善。

Real estate is one of Blackstone's major divisions.

房地產是 Blackstone 的一個主要部門。

Blackstone is really in the business of marketing investment products.

Blackstone 真的在做營銷投資產品的生意。

A byproduct of that is they became a very large landlord.

這的一個副產品是，他們成為了一個非常大的房東。

The company has an ownership interest in at least 274,000 rental housing units.

這家公司在至少 274,000 個出租房屋單元中擁有股權。

That likely makes it one of the largest landlords in the United States.

這很可能讓他們成為美國最大的房東之一。

In every market where we operate, we own less than 1% of the housing available.

在我們營運的每個市場，我們擁有的房屋不到 1%。

Their portfolio of rental housing is concentrated in Sunbelt regions like Texas, Georgia and Florida.

他們的出租房屋投資組合集中在陽光地帶地區，例如德州、喬治亞州和佛羅裡達州。

A smaller portion are single family homes.

The company also has stakes in mobile home parks, student housing and more.

這家公司在移動房屋園區、學生宿舍等也有持股。

That's giving credit because they went after like apartment housing and sort of residential housing as opposed to going into malls or retail side of the business, which has really just struggled.

這樣說很有道理，因為他們選擇了公寓和住宅類型的房屋，而不是進入商場或零售業務，這部分業務確實很艱難。

Rents keep rising in many parts of the US Particularly major cities that aren't building enough housing.

美國許多地方的租金持續上漲，特別是那些住房供應不足的主要城市。

As a result, some cities are considering policies that protect tenants from rent hikes.

是以，有些城市正在考慮制定政策，保護租戶免受租金上漲的影響。

If these measures pass, they could affect Blackstone's bottom line.

如果這些措施通過，可能會影響 Blackstone 的營收。

I just think that it's time for the landlords to accept that they can't always make as much as they would like.

我認為房東們該接受，他們無法總是賺到他們想要的那麼多。

So how did Blackstone become one of the largest landlords in the United States?

那麼 Blackstone 是如何成為美國最大的房東之一的呢？

Most of the rentals Blackstone owns are in massive multi family buildings.

Blackstone 擁有的出租房屋大部分位於大型多戶住宅建築中。

Take for example Stuyvesant Town, Peter Cooper Village.

以 Stuyvesant Town 和 Peter Cooper Village 為例。

Blackstone acquired this property in 2015.

Blackstone 在 2015 年收購了這個物業。

It was built in 1947 for returning veterans.

它建於 1947 年，是為了返鄉的退伍軍人而蓋的。

There are 11,242 units and approximately 30,000 residents.

這裡有 11,242 個出租房屋單元，約有 30,000 位居民。

Today, all of the apartments in Stuytown are rent stabilized.

如今，Stuytown 的所有公寓都實施租金穩定措施。

That's a big benefit for long term tenants like Susan.

這對像 Susan 這樣的長期租戶來說是一大福音。

She pays significantly less than the market rate of rent in New York City.

她支付的租金遠低於紐約市的市場租金行情。

I moved into Stuyvesantown in January of 1980 after having been on the waiting list for a little more than three years.

我在等了三年多後，於 1980 年一月搬進 Stuytown。

But the rents at Stuytown have climbed over the years.

不過 Stuytown 的租金隨著時間推移而上漲。

Just dealing with one bedrooms and one bathrooms like I have.

就像我這樣，只處理一房一衛的公寓。

The rents now start at more than 4700 and they go up depending on where the apartment is located.

現在的租金起價超過 4700 元，實際租金會依公寓位置而定。

In 2020, the tenants at Stuytown sued their landlord.

2020 年，Stuytown 的租戶控告他們的房東。

Their claim Blackstone's subsidiary planned to convert units to market rates, raising rents beyond what the city allows for stabilized units.

他們聲稱 Blackstone 的子公司計畫將公寓改為市價，導致租金超出市府對穩定租金單元的規定。

The New York State Supreme Court reviewed the case and ruled in favor of the Tenants.

紐約州最高法院審理此案，並判決租戶勝訴。

Blackstone withdrew its protest of the findings following court orders in 2024.

2024 年，Blackstone 在法院命令後撤回了對判決結果的抗議。

Still, the company sees rent control policies as a risk.

儘管如此，該公司仍將租金管制政策視為一種風險。

What we see consistently across the globe is that policies that focus on rent restrictions actually have a counterproductive outcome in that they really lead to higher housing costs overall.

我們在全球各地持續看到的是，著重於租金限制的政策實際上會產生適得其反的結果，因為它們確實會導致整體住房成本升高。

Restrictive policies really chill the environment as far as encouraging new development and even investment in existing housing.

限制性政策確實會抑制鼓勵新開發甚至現有住房投資的環境。

When Blackstone buys property, it tends to spend a lot of cash improving their asset.

當 Blackstone 收購房產時，他們傾向於花費大量現金來改善他們的資產。

The video intercom system was something that Blackstone installed.

視訊對講系統是 Blackstone 安裝的。

We've invested $425 million of capital since we acquired Skytown.

自從我們收購 Skytown 以來，我們已經投入了 4.25 億美元的資金。

Everything from the quality of the apartments themselves.

We have created new bedrooms, and many, many of them.

我們創造了新的臥室，而且數量非常多。

It's like the equivalent of creating a whole new building.

這就像是創造一棟全新建築的等同效應。

When you look at the number of bedrooms we've been able to add, this can, in some cases, lead to an increase in rent.

當你看看我們能夠增加的臥室數量時，這在某些情況下可能會導致租金上漲。

I think that Blackstone had a vision for their ownership of the property, which was not always the best in terms of property management.

我認為 Blackstone 對他們擁有該物業的願景，在物業管理方面並不總是最好的。

The people that they hired came from the leisure industry or.

他們僱用的人來自休閒產業或。

There are a lot of fun things that Blackstone did.

Blackstone 做了很多有趣的事情。

I mean, there are times when you walk out on a summer evening and there are movies going on and people are lying around in the oval.

我是說，有時候你夏天的傍晚走出去，外面有電影放映，大家躺在草坪上。

On the other hand, the tenants association gets calls from tenants that are going crazy because they have an unusable sink and they can't get an appointment for a month to do something about it.

另一方面，住戶協會接到住戶的電話，他們因為水槽不能用而快瘋了，要一個月後才能約到人來處理。

Those are the kind of basics that we really like, maybe more than having ice cream available on site.

這些才是我們真正喜歡的基本設施，可能比現場提供冰淇淋還重要。

In response, Blackstone told CNBC that it's reduced Stuytown's average work order time by 65% since 2015.

作為回應，Blackstone 告訴 CNBC，自 2015 年以來，Stuytown 的平均工單處理時間已縮短 65%。

A work order is a document that provides detail for a maintenance request.

工單是提供維修請求詳細資訊的文件。

Blackstone makes money by charging fees for managing their various funds.

Blackstone 透過收取管理各種基金的費用來賺錢。

Their stock has outperformed the broader market over the past five years.

他們的股票在過去五年中表現優於大盤。

There are what we call assets under management fees.

有我們稱之為資產管理規模的費用。

So they get a certain percent each year of the assets they manage.

所以他們每年會從管理的資產中收取一定的百分比。

And then if the assets post significant returns, they get what are called performance fees or incentive fees.

然後如果資產有顯著的回報，他們就會收到所謂的績效費或獎勵費。

Blackstone was founded by Peter Peterson and and Stephen Schwarzman in 1985.

Blackstone 由 Peter Peterson 和 Stephen Schwarzman 於 1985 年創立。

The investment bankers met while working together at Lehman Brothers.

這兩位投資銀行家是在 Lehman Brothers 共事時認識的。

When we started in 1985, there weren't diversified private equity firms.

我們在 1985 年剛起步時，並沒有多元化的私募基金公司。

Basically, there were just about seven or eight firms that just did leverage buyouts.

基本上，當時只有七、八家公司專門做槓桿收購。

It's a slightly different business than it was maybe 20 years ago.

這和 20 年前的業務模式有點不太一樣了。

The Old knock against the the private equity guys was they buy up companies, they load a ton of debt on them, they pay themselves a huge dividend, and

過去對私募基金公司的批評是，他們收購公司，給公司背負大量債務，然後支付自己高額股息，

Since 1991, Blackstone raised funds for the private side of its real estate division at least 10 times.

自 1991 年以來，黑石集團至少為其房地產部門的私募業務募資了 10 次。

They've been investing in real estate assets for decades, most of that through what are called private placements.

幾十年來，他們一直在投資房地產資產，其中大部分是透過所謂的私募。

These private placements are real estate investment opportunities available only to accredited investors.

這些私募是僅開放給合格投資者的房地產投資機會。

That actually is the bulk of Blackstone's real estate investments right now.

這實際上是黑石集團目前大部分的房地產投資。

Of their $315 billion in real estate, only roughly $55 billion is in the B REIT product, which is sold to retail investors.

在其 3,150 億美元的房地產資產中，只有約 550 億美元是 B REIT 產品，該產品是賣給散戶投資者的。

B reit, Blackstone's real estate income trust, has significant interests in industrial developments, data centers, and

B REIT，黑石集團的房地產收益信託基金，在工業開發、數據中心以及

當然還有出租房屋方面擁有重要權益。

Many investors put money into the fund coming out of the pandemic.

許多投資者在疫情後將資金投入該基金。

But the pace of new investments into B REIT has slowed since 2022.

但自 2022 年以來，B REIT 的新投資步伐已放緩。

With at least one notable exception, a $4 billion investment from the University of California, B REIT had posted smooth returns every month for six years.

除了至少一筆值得注意的例外，即加州大學的 40 億美元投資外，B REIT 在六年中每個月都取得了穩定的回報。

B REIT is a perpetual capital fund which holds for the long term, Blackstone holds Stuytown and another perpetual fund, but

B REIT 是一個永久資本基金，用於長期持有，黑石集團持有 Stuytown 和另一個永久基金，但

The community didn't know from one day to the next who was going to own it.

社區民眾不知道哪一天會是誰擁有它。

The then mayor of the city, Bill de Blasio, determined that it would be good to sell it to a developer who was going to be in it for the long term.

當時的市長 Bill de Blasio 認為，將其出售給一個會長期持有該項目的開發商會是個好主意。

Blackstone says its US Portfolio is concentrated where it believes opportunities are highest.

黑石集團表示，其美國投資組合集中在其認為機會最高的地方。

There tends to be a high degree of consistency across our different pools of capital as far as the nature of the investments, meaning which sector.

在我們不同的資金池中，就投資性質而言，也就是在哪個行業，往往有高度的一致性。

Warehouses, apartments, data centers, and

then the geographies as well, which really what we try to follow across the globe is job and population growth.

還有地理位置，我們在全球各地真正試圖追蹤的是就業和人口增長。

And that is part of why you see meaningful concentrations in the Sun Belt and also urban areas on the coast.

這也是為什麼你會看到在陽光地帶地區以及沿海的市區有顯著的集中。

Blackstone was an early pioneer in the market for single family rental homes.

黑石集團是獨立屋出租市場的早期先驅。

Remember, after the crisis, they quickly became the largest owner of single family homes in the country.

請記得，危機過後，他們很快就成為全國最大的獨立屋擁有者。

Then they created a company called Invitation Homes.

然後他們成立了一家名為 Invitation Homes 的公司。

They took it public, and then they got out of it.

他們將其公開上市，然後就退出了。

They really had, I would say, the best period following the financial crisis because they were actually able out there and sort of snatch up properties that had become distressed.

我會說，在金融危機之後，他們經歷了最好的時期，因為他們真的能夠在那裡搶購到陷入困境的房產。

In 2021, Blackstone re entered the single family rental space with another major acquisition, Home Partners of America Home Partners of America offered a lease to purchase program which was criticized by some in the industry.

2021 年，黑石集團透過另一項重大收購 Home Partners of America 重新進入獨立屋出租領域，Home Partners of America 提供了一項租購計畫，該計畫受到業界一些人的批評。

Where we have lease to purchase agreements.