KKR, a global investment firm, 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 investing through its Americas opportunistic equity real estate strategy.