W
esley LePatner's childhood was filled with conversations about real estate, thanks to her parents' careers in the field. Her mother is a real estate attorney, while her father specializes in bankruptcy law. Growing up in Midtown East, LePatner witnessed firsthand how the changing New York City landscape affected their lives.

    In January, LePatner will take over as CEO of Blackstone Real Estate Income Trust (BREIT), the world's largest REIT by net asset value, with $55 billion in assets under management. At a recent symposium hosted by NYU's Schack Institute, she shared her career journey and insights on being a woman in real estate.

    After graduating from Yale with a history degree, LePatner started at Goldman Sachs' real estate division before joining Blackstone as a managing director in 2014. She rose through the ranks to become chief operating officer and board member of BREIT, which has $110 billion in assets. LePatner credits her success to seeking mentors, soliciting feedback, and learning to ask for what she wants.

    In 2007, then-Goldman Sachs president Gary Cohn advised a group of female analysts, including LePatner, to "embrace change" and get comfortable with being uncomfortable, as the market would soon undergo significant shifts. Today, Blackstone's investment focus has shifted from retail, office, and multifamily properties to data centers, warehouses, and rental housing – particularly student housing.

    BREIT's portfolio is now over 85% concentrated in these areas, reflecting LePatner's assertion that "this is where we see the world moving." Since its creation seven years ago, BREIT has achieved an annualized net return of 10%.