KKR has bought five self-storage properties totaling approximately 3,884 units for $92 million in separate transactions with two different sellers.
All five properties are strategically located in proximity to the high-growth metropolitan areas of Atlanta, Georgia (two properties), Phoenix, Arizona (two properties) and Orlando, Florida (one property).
KKR made its first investment in the self-storage sector in July by acquiring three self-storage properties for $36 million.
“We are excited to further grow our self-storage portfolio with these high quality assets in some of the most dynamic Sun Belt markets,” said Ben Brudney, a Director in the Real Estate group.
“We continue to believe that the self-storage sector is experiencing strong demand tailwinds and represents an asset class with attractive long-term fundamentals and resiliency through cycles. We are focused on continued expansion of our self-storage footprint through 2021 and into 2022,” he added.
All were built or renovated between 2017 and 2020. KKR is making the investment through its Americas opportunistic equity real estate strategy.
