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National  + Pennsylvania  + Apartments  | 
Presidential City is a 1,015-unit apartment complex in Philadelphia

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.  

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Inside The Story

KRESTJLL's Thomson

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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