KKR has acquired a portfolio of 18 multifamily assets from a closed-ended fund sponsored by Quarterra Multifamily, a premier multifamily real estate development and operating company, for approximately $2.1 billion.

The recently built, class A portfolio consists of more than 5,200 units concentrated primarily in growing coastal and Sun Belt markets, including California, Colorado, Florida, Georgia, New Jersey, North Carolina, Texas and Washington state. The portfolio is a mix of mid-rise and high-rise buildings featuring convenient access to urban, metropolitan areas, high-quality construction, modern amenities and excellent energy, water and waste efficiency.

“Quarterra is known for their high-quality assets, and we are thrilled to be working with them on this transaction. We like the fundamentals in this sector. This portfolio serves high-growth metropolitan areas across the country, where new supply will slow down significantly looking out beyond the next couple y