KKR, a prominent investment firm, has recently made its largest move into the multifamily market by acquiring over 5,200 apartments from Quarterra Multifamily. This division of homebuilder Lennar was valued at $2.1 billion and the deal officially closed on Tuesday.
The portfolio consists of newly-built Class A properties located in popular coastal and Sunbelt markets such as California, Washington, Florida, Texas Georgia North Carolina Colorado and New Jersey. The buildings are a mix of mid-rise and high-rise structures. KKR will be partnering with top multifamily operators Carter-Haston MG Properties and Dalan Real Estate to manage these properties.
According to Justin Pattner who is a partner at KKR as well as head of real estate equity in the Americas stated that this is an opportune time for real estate investments due to increased transaction activity after two years of disruption in commercial real estate markets. He also mentioned that their platform provides them with unique advantages when it comes to purchasing large pools of high-quality assets thanks to their scale strong relationships multiple capital sources local knowledge.
Gibson Dunn & Crutcher LLP advised KKR on this transaction while Troutman Pepper Hamilton Sanders LLP along with JLL represented Quarterra.
Pictured: An example property from Quarterra Multifamily – 17th & Broadway located in Oakland CA.
This article discusses how investment firm KKR has expanded its presence in the multifamily market by acquiring more than 5,200 apartments from Quarterra Multifamily for $2.1 billion – making it their biggest venture into this sector yet! The portfolio primarily includes newly-built Class A properties situated across sought-after coastal areas like California , Washington , Florida , Texas Georgia North Carolina Colorado New Jersey . These buildings comprise both mid-rise and high-rise structures which will be managed by leading operators Carter-Haston MG Properties Dalan Real Estate through collaboration with KKR .
Justin Pattner, partner at KKR and head of real estate equity in the Americas, believes that this is an ideal time to invest in real estate as commercial markets are starting to recover from a two-year disruption. He further adds that their platform’s scale, strong relationships , diverse capital sources and local expertise give them an edge when it comes to acquiring large pools of top-notch assets.
KKR received legal counsel from Gibson Dunn & Crutcher LLP while Troutman Pepper Hamilton Sanders LLP along with JLL represented Quarterra during this transaction.
The image showcases one of Quarterra Multifamily’s properties – 17th & Broadway located in Oakland CA.
