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KKR Adds Apartment Properties in Philly, Brooklyn for North of $500M
KKR fund KKR Real Estate Select Trust Inc. (KREST) acquired two Class A multifamily properties totaling 1,380 units in separate transactions. The properties include a 365-unit Downtown Brooklyn property and the 1,015-unit Presidential City in Philadelphia, with a combined value of nearly $550 million.
JLL brokered the $357-million sale of Presidential City on behalf of Post Brothers to KREST and Mack Real Estate Group. A JLL team of Mark Thomson, Carl Fiebig, Fran Coyne, Jose Cruz and Tyler Margraf arranged the deal.
Although KREST didn’t identify the Brooklyn property, its seller or the sale price, published reports say it was Brookfield Properties’ 80 DeKalb Ave., which it acquired as part of its 2018 buy of Forest City Realty Trust. KREST reportedly paid $190 million .
“We continue to see long-term trends supporting demand for lifestyle-oriented real estate near city centers,” said Daniel Rudin, managing director on KKR’s real estate equity team.
- ◦Sale/Acquisition
