KKR has acquired three self-storage properties through separate transactions with two different sellers for $36 million.
KKR said the purchases represent KKR real estate’s first investment in the self-storage sector. KKR is making the investment through its Americas opportunistic equity real estate strategy.
The properties, located in Austin, Texas and Nashville, Tennessee, include approximately 1,800 storage units and were built between 2019 and 2020.
“We are excited to anchor our self-storage portfolio with these high quality assets in Austin and Nashville,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas.
“We believe that the self-storage sector exhibits strong supply-demand fundamentals and has appealing long-term dynamics, including resiliency through economic cycles. We expect to continue to grow our self-storage footprint through 2021 and into 2022,” he added.
Since launching a dedicated real estate platform in 2011, KKR has grown its real estate assets under management to approximately $28 billion across the U.S., Europe and Asia Pacific as of March 31, 2021