KKR Picks Up 18-Property Multifamily Portfolio for $2.1B
By Andrew Coen June 25, 2024 5:30 pm
reprints
KKR (KKR) has acquired an 18-asset apartment building portfolio from developer Quarterra Multifamily for approximately $2.1 billion, the firm announced late Tuesday.
The portfolio includes recently built rental housing properties in California, Washington, Florida, Texas, Georgia and North Carolina, Colorado and New Jersey. The specific properties were not immediately available.
“We are pleased to acquire this exceptional, well-located multifamily portfolio from one of the world’s premier developers and owners of residential real estate,” Justin Pattner, partner at KKR and head of real estate equity in the Americas, said in a statement.
KKR said it will work with multifamily operators Carter-Haston, MG Properties and Dalan Real Estate to operate the properties.
“We believe this is a great moment to invest in real estate, as transaction activity starts to pick up on the heels of two years of dislocation in commercial real estate markets,” Pattner said. “Across our platform we are finding opportunities where our scale, strong relationships, multiple pools of capital and local knowledge give us advantages as a buyer of large pools of high-quality, irreplaceable assets.”
Daniel Rudin, managing director at KKR, added that the portfolio consists of “high-growth metropolitan areas” where new supply is expected to “slow down significantly” in the next couple years.
Quarterra Multifamily did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
