JACKSONVILLE, FL - KKR, a leading global investment firm, announced that KKR Real Estate Select Trust Inc. (“KREST”) and RPM Living Investments (“RPM Living”), a full-service multifamily management, investment and development company, have acquired The Beach House Apartments, a multifamily property in Jacksonville, Florida. The transaction is KKR’s first multifamily investment through KREST, a continuously offered, registered closed-end fund designed to deliver access to income-oriented private real estate investments.
Completed in 2010, The Beach House is a 228-unit, garden-style multifamily complex located in the Jacksonville Beaches submarket, approximately one mile from public beach access and in close proximity to Jacksonville’s popular beachside entertainment and shopping destinations. The property features luxury interiors, private patios and balconies, and variety of modern amenities, including a swimming pool, fitness center and business center. RPM Living will operate The Beach House and oversee a number of upgrades to ensure the property continues to provide a high-quality residential experience.
“We are excited to complete our first residential investment for KREST with the purchase of this premium apartment complex located in the highly desirable Jacksonville Beach neighborhood,” said Michael Friedland, Managing Director at KKR. “We are continuing to deepen our footprint in the fast-growing Sunbelt region and believe this beach-adjacent property offers attractive value to a wide range of residents who are choosing Jacksonville for its great lifestyle and employment opportunities.”
“The Beach House's great location coupled with Jacksonville's current competitive market is what attracted us to this investment and we're looking forward to further expanding our presence in the Southeast and Sunbelt region," said Josh Kahn, Chief Operating Officer, Investments at RPM Living.
The investment is part of KREST’s stabilized real estate investment strategy, one of the fund’s three primary investment strategies, which focuses on thematically-driven, income-generating real estate in high growth markets, including well-leased multi-family. Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $33 billion across the U.S., Europe and Asia as of June 30, 2021. KKR’s global real estate team consists of approximately 130 dedicated investment professionals, spanning both the equity and credit business, across 12 offices and nine countries.