KKR, through its KKR Real Estate Select Trust Inc., has purchased two class A multifamily properties with a combined 1,380 units in separate transactions.
The additions to KREST’s portfolio include a multifamily property located in downtown Brooklyn and a multi-building asset located on the border of the Main Line and West Philadelphia. The Brooklyn property is a residential property with modern finishes and amenities and is comprised of 365 rental units within walking distance of several public transportation stations. The Philadelphia property, purchased alongside Mack Real Estate Group, is a five-building complex comprising 1,015 units. MREG will handle the property operations of the Philadelphia purchase.
“We continue to see long-term trends supporting demand for lifestyle-oriented real estate near city centers,” says Daniel Rudin, managing director on KKR’s real estate equity team.
“KREST acquired both properties using irreplaceable long-duration fixed-rate financing, which creates compelling cash yields,” adds Billy Butcher, chief executive officer of KREST and chief operating officer of KKR’s global real estate business. “We continue to add high-quality properties to our growing portfolio of multifamily assets and believe these properties offer attractive value to a wide range of residents.”