KKR offloads four self-storage properties for $80M
KKR $KKR & Co LP(KKR)$ sold four Class A self-storage properties for ~$80M with two of them located in Austin, TX and the other two are located in Phoenix, AZ and Riverside, CA.
The properties were owned by KKR's Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III, and were sold in two separate transactions with different buyers.
"We are continuing to grow our portfolio of self-storage properties with the support of our operating platform. We believe the self-storage sector is positioned to outperform in the current environment thanks to resilient demand and short-term lease cycles that benefit from an inflationary environment," KKR Director commented.
KKR launched Alpha Storage Properties in 2021 to acquire and manage a portfolio of self-storage assets in high-growth markets; the company currently owns 25 self-storage assets with 18K+ units in ten U.S. markets.
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