KKR, global investment firm, through KKR Real Estate Select Trust Inc (KREST) and RPM Living Investments has acquired The Beach House Apartments, a multifamily property in Jacksonville, FL.
This marks the first multifamily real estate investment through KREST, designed to deliver access to income-oriented private real estate investments.
The Beach House is a 228-unit, garden-style complex approximately one mile from public beach access. RPM Living will operate the property and oversee upgrades to ensure future value.
“We are excited to complete our first residential investment for KREST with the purchase of this premium apartment complex located in the highly desirable Jacksonville Beach neighborhood,” said Michael Friedland, managing director at KKR.
“The Beach House’s great location coupled with Jacksonville’s current competitive market is what attracted us to this investment and we’re looking forward to further expanding our presence in the Southeast and Sunbelt region,” said Josh Kahn, COO at RPM Living.