Global investment firm KKR has acquired a $2.1bn (€2bn) US multifamily real estate portfolio from a fund managed by Quarterra Multifamily.
KKR – through its capital accounts – has acquired 18 multifamily assets consisting of over 5,200 units from an unspecified Quarterra-managed fund.
The portfolio of a mix of mid-rise and high-rise buildings is located mainly in coastal and sunbelt markets including California, Washington, Florida, Texas, Georgia and North Carolina, Colorado and New Jersey.
KKR said it will work with multifamily operators, Carter-Haston, MG Properties and Dalan Real Estate to operate the assets.
Justin Pattner, partner at KKR and head of real estate equity in the Americas, said: ”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.”
Daniel Rudin, managing director at KKR, said: ”Quarterra is known for their high-quality assets and we are thrilled to be working with them on this transaction. 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.”
Quarterra Multifamily, which was formerly known as LMC, is a subsidiary of Lennar Corporation.
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