Purchases Five Modern Self-Storage Properties in Atlanta, Phoenix and Orlando
NEW YORK--(BUSINESS WIRE)--
KKR, a leading global investment firm, today announced that KKR has acquired five self-storage properties totaling approximately 3,884 units for an aggregate purchase price of approximately $92 million. The properties were acquired in separate transactions with two different sellers.
All five properties are strategically located in proximity to the high-growth metropolitan areas of Atlanta, Georgia (two properties), Phoenix, Arizona (two properties) and Orlando, Florida (one property). All were built or renovated between 2017 and 2020.
“We are excited to further grow our self-storage portfolio with these high quality assets in some of the most dynamic Sun Belt markets,” said Ben Brudney, a Director in the Real Estate group. “We continue to believe that the self-storage sector is experiencing strong demand tailwinds and represents an asset class with attractive long-term fundamentals and resiliency through cycles. We are focused on continued expansion of our self-storage footprint through 2021 and into 2022.”
KKR is making the investment through its Americas opportunistic equity real estate strategy. Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $32 billion across the U.S., Europe and Asia as of June 30, 2021. KKR’s global real estate team consists of approximately 130 dedicated investment professionals, spanning both the equity and credit business, across twelve offices and nine countries.
About KKR
KKR is a leading global investment firm that offers alternative asset management and 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 The 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 and on Twitter @KKR_Co.
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