A lack of supply of new homes in the United States, combined with better fundamentals, has created an opportunistic environment for real estate investors, said Jonathan Gray, Blackstone‘s global head of real estate.

When asked if Blackstone, the largest owner of single-family homes in the U.S., is done buying them, Gray answered, “Not yet.”

“In places like California it has gotten more difficult, but as you move East … Atlanta, Chicago, Northern Florida—we still see good value.”