KKR Acquires $2.1 Billion Multifamily Portfolio from Quarterra
June 25 2024 - 3:15PM
Business Wire
Portfolio of 18 High-Quality, Class A Assets
Concentrated in Coastal and Sunbelt Markets
KKR, a leading global investment firm, today announced that KKR
has acquired a portfolio of 18 multifamily assets from a
closed-ended fund sponsored by Quarterra Multifamily, a premier
multifamily real estate development and operating company, for
approximately $2.1 billion.
The recently-built, Class A portfolio consists of over 5,200
units concentrated primarily in growing coastal and sunbelt markets
including California, Washington, Florida, Texas, Georgia and North
Carolina, Colorado and New Jersey. The portfolio is a mix of
mid-rise and high-rise buildings featuring convenient access to
urban, metropolitan areas, high-quality construction, modern
amenities and excellent energy, water and waste efficiency.
"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,” said Justin Pattner,
Partner at KKR and Head of Real Estate Equity in the Americas. “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. 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.”
"Quarterra is known for their high-quality assets and we are
thrilled to be working with them on this transaction,” said Daniel
Rudin, Managing Director at KKR. “We like the fundamentals in this
sector. This portfolio serves high-growth metropolitan areas across
the country, where new supply will slow down significantly looking
out beyond the next couple years. We are excited to invest in this
portfolio.”
KKR will work with leading multifamily operators, Carter-Haston,
MG Properties and Dalan Real Estate to operate the assets. KKR is
making its investment in this portfolio through capital accounts
advised by KKR.
KKR was advised on the transaction by Gibson Dunn & Crutcher
LLP. Quarterra was advised by Troutman Pepper Hamilton Sanders LLP
and Jones Lang LaSalle.
About KKR KKR is a leading global investment firm that
offers alternative asset management as well as capital markets and
insurance solutions. KKR aims to generate attractive investment
returns by following a patient and disciplined investment approach,
employing world-class people, and supporting growth in its
portfolio companies and communities. KKR sponsors investment funds
that invest in private equity, credit and real assets and has
strategic partners that manage hedge funds. KKR’s insurance
subsidiaries offer retirement, life and reinsurance products under
the management of Global Atlantic Financial Group. References to
KKR’s investments may include the activities of its sponsored funds
and insurance subsidiaries. For additional information about KKR
& Co. Inc. (NYSE: KKR), please visit KKR’s website at
www.kkr.com. For additional information about Global Atlantic
Financial Group, please visit Global Atlantic Financial Group’s
website at www.globalatlantic.com.
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KKR Miles Radcliffe-Trenner 212-750-8300 media@kkr.com
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