KKR sells four self-storage properties

KKR has sold four class A self-storage properties totaling approximately 2,897 units for approximately $80 million.

Two of the properties are located in Austin, and the other two are located in Phoenix  and Riverside, Calif. 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.

“Our focus on acquiring premier properties in strategic locations has enabled us to deliver a great outcome for our investors with these two sales,” said Ben Brudney, a director in the real estate group at KKR. “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.”

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