image credit: quarterra.com
On Tuesday, KKR strategically acquired 18 multifamily real estate properties from Quarterra Multifamily’s closed-end fund for a significant $2.1 billion.
It has 5,200 units across California, Washington, Florida, Texas, Georgia, North Carolina, Colorado, and New Jersey.
The worldwide commercial property business, especially offices, is in its worst slump since the 2007-9 financial crisis.
The worst may be gone, and non-bank lenders are poised to earn substantial returns as valuations rise potentially.
“We believe this is a great time to invest in real estate, as transaction activity starts to pick up after two years of dislocation in commercial real estate markets,” said KKR’s Americas real estate equity head Justin Pattner.
KKR will operate the assets with Carter-Haston, MG Properties, and Dalan Real Estate.
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