KKR, through its KKR Real Estate Select Trust Inc., has acquired a portfolio of 39 multifamily properties in Tokyo, Japan.

The 39 newly-built multifamily properties feature modern designs and are situated in 15 residential submarkets with access to local train stations and transportation hubs. The properties were master-leased to a Japanese residential property manager with a contractual 100 percent occupancy rate.

“Urbanization is a significant demographic trend in Japan, and combined with Tokyo’s aging supply of residential properties, these newly built properties are poised to be highly sought-after by renters,” states Kensuke Kudo, a director on KKR’s real estate team in Japan.