Global investment firm KKR has purchased three Class A self-storage properties in Atlanta, Georgia, St. Petersburg, Florida and Alexandria, Virginia. The purchases mark KKR’s first self-storage real estate acquisitions in St. Petersburg and the Washington D.C. metropolitan statistical area.
The properties collectively total approximately 2,000 units, raising KKR’s total properties across the U.S. to over 13,5000. The properties were acquired in three separate transactions with different sellers for an aggregate price of approximately $70 million. The purchases were made through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III. Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $41 billion across the U.S., Europe and Asia.
“We are excited to expand our self-storage portfolio with the addition of these three high-quality properties, which deepen our presence in Atlanta and establish new foundations for growth in St. Petersburg and Washington D.C.,” said Ben Brudney, a director in the real estate group at KKR. “We believe the self-storage sector has attractive long-term, through-cycle fundamentals and look forward to growing our footprint further in the space by investing in great properties located in markets with strong demand tailwinds.”