With rent being driven to all time highs as a result of low vacancy rates, TheBlackstone Group L.P.(NYSE:BX) is betting big on residential estate. It already has ahuge portfolio of real estate. According to the New York Times, the company isin process of acquiring 80 apartment units from General Electric Company(NYSE:GE). The apartments are all located in the South (Atlanta, Dallas, Texas, and etc…). The approximately value of the units are $2.7 billion.Keep in mind, Blackstone recently outlined plans to introduce bonds backed by rentalpayments. If this securitization process is going to work, the company wouldneed a huge supply of rental property. This may explain the acquisition of theapartment complexes from GE. (Image Source: The Canadian Press/AP, Mary Altaffer)