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$2.1 billion sale of apartment communities includes Florida properties


  • By Louis Llovio
  • | 3:00 p.m. June 26, 2024
  • | 2 Free Articles Remaining!
Hoar Construction, which is building Cordelia, a development at the Quay in Sarasota, says that a growing workload in the Tampa and Sarasota markets requires it have a local office.
Hoar Construction, which is building Cordelia, a development at the Quay in Sarasota, says that a growing workload in the Tampa and Sarasota markets requires it have a local office.
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KKR, a global investment firm, has bought more than 5,00 apartment units across the U.S., including some in Florida.

The firm paid $2.1 billion for the portfolio from Quarterra Multifamily, which is made up of 18 properties in Florida, California, Washington, Texas, Georgia and North Carolina.

It announced the purchase late Tuesday.

A spokesperson for New York-based KKR says in an email that the company is not disclosing the names of the communities “at least for another few days because we want to give the new managers an opportunity to communicate directly with tenants first.”

On its website Wednesday afternoon, Quarterra showed that it has six apartment communities in Florida including Cordelia at the Quay in Sarasota. It is not clear however if the website has been updated since the sale and a company spokesperson did not respond to a request for comment.

KKR says in a statement that the portfolio is made up of more than 5,200 units and is a mix of mid-rise and high-rise buildings. Each, the company says, has “convenient access” to metropolitan areas and come with high-quality construction, modern amenities and energy, water, and waste efficiency.

This is KKR's second billion apartment purchase this year. It, along with Blackstone Real Estate Income Trust, paid $1.64 billion in April for a student housing portfolio that included 19 properties at 14 universities in 10 states.

According to its website, KKR has $183 billion invested in private equity, $61 billion in infrastructure and $71 billion in real estate as of March 31. The company has dozens of offices across the U.S., Europe, the Middle East and Asia.

As for Quarterra, the Texas company was founded in 2011 and was formerly known as Lennar Multifamily Communities.

According to CoStar, the sale happened “months after media reports indicated that Quarterra would be putting roughly 11,000 units, or roughly a quarter of its total inventory as of its 2022 annual report, up for sale for an estimated $4.5 billion.”

 

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Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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