Acquisitions

NEW YORK CITY — New York City-based investment firm KKR has acquired a portfolio of multifamily properties for roughly $2.1 billion. Development and operating company Quarterra Multifamily was the seller.  Situated throughout the United States, the portfolio comprises more than 5,200 multifamily units. The properties include a mix of mid- and high-rise buildings, with a concentration in the states of California, Washington, Florida, Texas, Georgia, North Carolina, Colorado and New Jersey. The number of individual properties was not disclosed. According to Daniel Rudin, KKR managing director, the portfolio “serves high-growth metropolitan areas across the country, where new supply will slow down significantly looking out beyond the next couple years.” “We believe this is a great moment to invest in real estate, as transaction activity starts to pick up on the heels of two years of dislocation in commercial real estate markets,” adds Justin Pattner, partner and head of real estate equity in the Americas with KKR.  Gibson Dunn & Crutcher LLP advised KKR in the transaction, and Troutman Pepper Hamilton Sanders LLP and Jones Lang LaSalle advised the seller.  Carter-Haston, MG Properties and Dalan Real Estate will work with KKR to operate the properties moving forward.  — Hayden Spiess