KKR has expanded its self-storage portfolio in the US with the acquisition of five new properties for $98 million.
The five self-storage properties, totaling approximately 4,100 units, were acquired from four different sellers in three separate transactions and are located in: Phoenix, Arizona; Dallas, Texas; San Antonio, Texas; and Palm City, Florida.
The purchases were made through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III.
“We continue to expand our portfolio of high-quality self-storage properties across Sunbelt markets that are experiencing strong population growth and in-migration,” said Ben Brudney, a Director in the Real Estate group at KKR.
“We track sector fundamentals closely and believe these assets are located in submarkets that are well positioned to benefit from outsized demand over the medium to long term.”