KKR buys residential building in Phoenix

KKR buys residential building in Phoenix

KKR has acquired The District at Scottsdale, a 332-unit Class A residential building in Phoenix. The purchase price was not disclosed.

Constructed in 2019, The District in Scottsdale is located in the heart of Scottsdale’s premier lifestyle hub, directly adjacent to the dining, shopping and entertainment options of Scottsdale Quarter and Kierland Commons.

KKR said the purchase grows its residential real estate footprint in the Phoenix metropolitan area to more than 2,600 units and approximately $650 million of value.

”Including The District at Scottsdale, KKR has acquired approximately $1.2 billion of Class A apartments for its core plus real estate strategy over the last 10 months with a focus on dynamic, high-growth markets across the United States,” said the company in a press release.

“The District at Scottsdale is well positioned with a great location and world class amenities, supporting Phoenix’s continued growth as a leading destination to live and work,” said Michael Friedland, Managing Director at KKR. “We are excited to deepen our commitment to the Phoenix market with the addition of this trophy asset to our core plus real estate portfolio.”