KKR’s fund KKR Real Estate Select Trust Inc. (KREST) and RPM Living Investments have acquired The Beach House Apartments, a multifamily property in Jacksonville, Florida.
KKR said the transaction is its first multifamily investment through KREST.
Completed in 2010, The Beach House is a 228-unit, garden-style multifamily complex located in the Jacksonville Beaches submarket, approximately one mile from public beach access and in close proximity to Jacksonville’s popular beachside entertainment and shopping destinations.
RPM Living will operate The Beach House and oversee a number of upgrades to ensure the property continues to provide a high-quality residential experience.
“We are excited to complete our first residential investment for KREST with the purchase of this premium apartment complex located in the highly desirable Jacksonville Beach neighborhood,” said Michael Friedland, Managing Director at KKR.
“We are continuing to deepen our footprint in the fast-growing Sunbelt region and believe this beach-adjacent property offers attractive value to a wide range of residents who are choosing Jacksonville for its great lifestyle and employment opportunities,” he added.
“The Beach House’s great location coupled with Jacksonville’s current competitive market is what attracted us to this investment and we’re looking forward to further expanding our presence in the Southeast and Sunbelt region,” said Josh Kahn, Chief Operating Officer, Investments at RPM Living.