The first homes will be completed by the end of June this year, with the majority finished within the next two years.
Blackstone manages more than $1 trillion in assets and is the world’s largest alternative asset manager.
Single-family homes are the fastest-growing part of Britain’s build-to-rent sector in terms of investment.
While investment in build-to-rent flats roughly halved between 2021 and 2023, shrinking from £4.6bn to £2.6bn, investment in single-family homes nearly doubled from £1.1bn to £2bn, according to analysis by JLL property consultants.
In the first three months of this year, single-family homes accounted for the largest share of investment in the build-to-rent sector.
Investors piled £620m into build-to-rent family homes, £170m more than they spent on build-to-rent flats.
The single-family build-to-rent sector is expanding at a time when overall housebuilding has slumped, as high mortgage rates squeeze demand.
In the last three months of 2023, the number of starts on new homes slumped by 51pc year-on-year to 19,080, government data showed.
Greg Fitzgerald, chief executive at Vistry Group said: “By working in partnership with organisations like Leaf Living we can maximise the number of high-quality homes we deliver every year.
“This year we are on track to deliver more than a 10pc increase in new home completions, playing a key part in helping to address the UK’s acute housing shortage.”