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.
“There is still a shortage of overall housing supply in the U.S.,” Meghji, a managing director at New York-based Blackstone, said in a telephone interview.
A stampede by investors into U.S. rental housing as the homebuying market collapsed in 2006 is still going strong in cities including San Francisco, Seattle and Houston, boosting rents and driving construction of apartments in and near downtowns. For Blackstone — which has bought about 45,000 houses in the past three years to lead the burgeoning industry for single-family rentals — LivCor represents its first major foray into the multifamily market.
via Blackstone Hunts for Apartments in Latest Rental Foray – Bloomberg.
Nadeem Meghji is a Managing Director in the Real Estate Group, based in New York.
Since joining Blackstone, Mr. Meghji has been involved in various transactions, including the acquisition of several regional malls in partnership with Glimcher Realty Trust and the recapitalization of General Growth Properties.
Before joining Blackstone in 2008, Mr. Meghji worked as an associate at the Lionstone Group, a real estate fund focused on opportunistic investments in select urban markets across the United States.
Mr. Meghji received a B.S. in Electrical Engineering from Columbia University, where he graduated summa cum laude. He received a J.D. from Harvard Law School and an M.B.A. from Harvard Business School.
http://www.blackstone.com/the-firm/overview/our-people/nadeem-meghji
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