KKR & Co. Inc. (NYSE: KKR) disclosed that it has bought three Class A self-storage properties in high-growth U.S. markets totaling around 2,000 units. The properties were purchased in three separate deals with different sellers for an aggregate buying price of around $70 million. KKR has earned reputation as a prominent global investment firm that bargains alternative asset management as well as capital markets and insurance solutions.
The acquisition includes properties situated in Atlanta, Georgia, St. Petersburg, Florida and Alexandria, Virginia. Two of the assets were established between 2018 and 2020, while the third was established in 2001. The acquisition highlights KKR’s first self-storage real estate acquisitions in St. Petersburg and the Washington D.C. metropolitan statistical area (MSA), as well as the latest addition to KKR’s self-storage portfolio serving the Atlanta MSA.
Furthermore, KKR has confirmed that the acquisition was being carried out through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III. Previously, the company has announced that it has decided to buy and handle a portfolio of self-storage assets in high-growth markets and strategic infill locations across the country. This deal is the result of the company’s earlier announcement of launching of Alpha Storage Properties (ASP).
Additionally, KKR disclosed that it is delighted to grow its self-storage portfolio with the acquisition of these three high-quality properties. The company believed that these properties will increase its footprint in Atlanta and establish new bases for development in St. Petersburg and Washington D.C. KKR is confident that the self-storage sector has striking long-term benefits and the company is looking ahead to expand its presence further in the space by investing in great properties situated in markets with strong demand tailwinds.