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KKR Launches Self-Storage Investment Platform with Jonathan Perry
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Rhea-AI Summary
KKR has launched a self-storage real estate investment platform named Alpha Storage Properties (ASP), headed by industry veteran Jonathan Perry. KKR's real estate funds have acquired 16 self-storage assets for approximately $300 million, totaling around 11,700 units or 1.2 million square feet, in major growth markets including Austin, Atlanta, and Orlando. The firm aims to leverage its proven investment strategy and expertise to further expand its presence in the self-storage sector, which has shown steady growth over the past 30 years.
Positive
Launch of Alpha Storage Properties platform to capitalize on self-storage real estate opportunities.
Acquired 16 self-storage assets for approximately $300 million in high-growth markets.
Portfolio includes around 11,700 units, expanding KKR's presence in a resilient sector.
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None.
NEW YORK--(BUSINESS WIRE)--
KKR, a leading global investment firm, today announced the launch of a platform to invest in self-storage real estate across the United States. Industry veteran Jonathan Perry will serve as CEO of the platform, Alpha Storage Properties (ASP), and work closely with KKR’s real estate team to acquire and manage a portfolio of self-storage assets in high-growth markets and strategic infill locations across the country.
Over the past few months, prior to the launch of ASP, KKR’s real estate funds have purchased 16 self-storage assets for approximately $300 million across major growth markets, including, Austin, Atlanta, Charlotte, Denver the Inland Empire, Nashville, Orlando and Phoenix. The seed portfolio includes approximately 11,700 units or 1.2 million square-feet. The go-forward ASP platform led by Jonathan Perry will further accelerate the firm’s self-storage strategy and enhance its presence in the sector.
“We are thrilled to launch ASP under Jonathan’s leadership. His deep knowledge of the self-storage sector will help accelerate the growth of our portfolio,” said Roger Morales, KKR Partner and Head of Real Estate Acquisitions in the Americas. “Self-storage is a resilient sector that has experienced steady growth over the past 30 years and we are seeing an increase in demand resulting from the evolving relationship people have with their living space, the cost of housing and accelerated trends in net migration.”
Jonathan Perry has over two decades of experience in the self-storage industry serving in senior leadership roles for a number of leading publicly listed real estate investment trusts (REITs) and during his career had led over $4.0 billion of storage transactions.
Mr. Perry most recently served as President and Chief Investment Officer at Jernigan Capital (NYSE: JCAP), where he was responsible for overseeing all investment and asset management activities. Previously, Mr. Perry spent 10 years with CubeSmart (NYSE: CUBE), rising to the level of Chief Investment Officer where he lead all external growth initiatives including joint venture investment activity, the third party management business and acquisitions. Mr. Perry began his career at Storage USA where he worked in various finance and real estate roles for the company and its successor GE Capital Real Estate.
“I am excited to collaborate with KKR to build a leading national portfolio of self-storage real estate. I was immediately impressed by the KKR real estate team’s rigorous approach to asset selection, deep presence in fast growing Sun Belt markets and strong focus on building lasting partnerships. We are launching ASP with a high-quality seed portfolio and I believe our platform is well positioned as an aggregator, owner and operator in a fragmented market,” said Mr. Perry.
Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $36 billion across the U.S., Europe and Asia as of September 30, 2021. The global real estate team consists of over 135 dedicated investment professionals, spanning both the equity and credit businesses.
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.
