Blackstone Group, notably one of the largest investors in commercial estate, is also reportedly the "largest owner of individual houses in the United States," according to Steve Schwarzman, chairman and CEO on CNBC's Squawk on the Street on Monday.
Since 2012, Blackstone acquired a whopping 6,500 foreclosed homes in eight major metropolises of the U.S., spending more than $1 billion in the process, reported The Wall Street Journal.
Instead of buying out or selling, CNBC reported the company will be renting properties.
"It's a good business for us. It's a new thing, but it's also good for America," Scharzman told CNBC.
Schwarzman came on the show to talk about their investor support for innovative ventures and elaborated on today's markets.
Among the commercial real estate Blackstone's been involved with include Hilton Worldwide and Equity Office Properties and they already have a residential portfolio worth $3 billion.
One project they already got a head start on was Blackstone's Invitation Homes, which specializes in purchasing, renovating and renting single-family residential homes in the United States.
The major company also took on a $50 million entrepreneur's project for the next five years, providing 60,000 students with a shot at $1.4 million in grants to attend a program that can create 300 new venture plans.
Some of the reasons why they're encouraged to invest, Schwarzman attributed to the recovering auto industry, economy and the rising average house prices. Working toward energy independence could also be a contributing factor for improving the U.S. domestic economy.
"Everywhere I travel, the world [U.S. energy potential] is about the first thing that people talk about," Schwarzman said. "If we can create energy in very large amounts at some of the lowest prices in the world, it's very logical that people from outside the United States are going to start businesses in the United States."
