By Mike Sunnucks | Rose Law Group Reporter
New York-based KKR has acquired five new storage properties in Phoenix, Dallas, San Antonio and Palm City, Florida.
The storage facilities total 4,100 units across the four markets. KKR spent $98 million on the properties which were acquired from different sellers.
“We continue to expand our portfolio of high-quality self-storage properties across Sunbelt markets that are experiencing strong population growth and in-migration,” said Ben Brudney, a director in the Real Estate group at KKR. “We track sector fundamentals closely and believe these assets are located in submarkets that are well positioned to benefit from outsized demand over the medium to long term.”
The purchases were made through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III.
“Since launching a dedicated real estate platform in 2011, KKR has grown its real estate assets under management to approximately $59 billion across the U.S., Europe and Asia Pacific as of March 31, 2021,” according to a release from the investment firm.
