(Reuters) -Investment firm KKR on Tuesday acquired a portfolio of 18 multifamily properties from a closed-end fund sponsored by developer Quarterra Multifamily for about $2.1 billion.
The portfolio includes 5,200 units in California, Washington, Florida, Texas, Georgia, North Carolina, Colorado and New Jersey.
The global commercial real estate sector, and in particular the office sector, continues to be in the grip of the biggest slump since the 2007-2009 financial crisis.
But non-bank lenders are confident the worst is over and that they can generate attractive returns as valuations recover.
“We believe this is a great time to invest in real estate as transaction activity begins to pick up after two years of disruption in commercial real estate markets,” said Justin Pattner, head of real estate equities at KKR in the Americas. .
KKR will partner with leading multifamily real estate operators Carter-Haston, MG Properties and Dalan Real Estate to operate the assets.
