ra2studio
- Updates with confirmation and comment from KKR.
- KKR (NYSE:KKR) confirmed that it acquired more than 5,200 apartment units across the U.S. for $2.1B in its biggest purchase of apartment buildings ever, according to a media report. The transaction indicates that KKR is confident that the sector will rebound after a building boom weighed on rent growth in the past year.
- The private equity firm bought the portfolio from Quarterra, the apartment development unit of homebuilder Lennar (NYSE:LEN) in a deal that closed on Tuesday. The Wall Street Journal reported the acquisition earlier in the day.
- The portfolio consists of 18 multifamily assets located in coastal and Sunbelt markets, including California, Washington, Florida, Texas, Georgia, North Carolina, Colorado, and New Jersey.
- The increase in supply of multifamily housing has pulled down prices for the properties. Apartment building prices fell more than 20% in May…
