Strong population growth and in-migration across the Sunbelt markets continue to fuel interest by leading real estate firms wanting in on self storage facilities.
KKR acquired five new self storage properties totaling approximately 4,100 units from four different sellers through three deals for an aggregate purchase price of approximately $98 million.
The properties are located in Phoenix, Arizona; Dallas, Texas; San Antonio, Texas and Palm City, Florida and are expected to bring “outsized demand over the medium to long term,” according to a release.
The purchases were made through KKR’s Americas opportunistic equity real estate fund, KKR Real Estate Partners Americas III.
Earlier this week, GlobeSt reported that self storage owner and manager Storage Post reached an agreement with a fund sponsored by Almanac Realty Investors, a business unit of Neuberger Berman, to provide up to $500 million of capital to further the Storage Post growth strategy.
The capital will allow Storage Post to accelerate its proven platform investment strategy of acquiring self storage assets in the most attractive markets in the US.
