KKR, an investment firm, has acquired five new self-storage properties totaling approximately 4,100 units for $98 million.

KKR has $59 billion of real estate assets under management, with over 135 investment professionals on the team.

“We continue to expand our portfolio of high-quality self-storage properties across Sunbelt markets that are experiencing strong population growth and in-migration,” said Ben Brudney, a director in the real estate group at KKR. “We track sector fundamentals closely and believe these assets are located in submarkets that are well positioned to benefit from outsized demand over the medium to long term.”