For around $2.1 billion, the investment company KKR purchased a portfolio of 18 multifamily real estate assets from a closed end fund run by developer Quarterra Multifamily. 5,200 units from California, Washington, Florida, Texas, Georgia, North Carolina, Colorado, and New Jersey are included in the portfolio. The worldwide commercial real estate market, particularly the office sector, is now experiencing its worst downturn since the financial crisis of 2007?2009. Non-bank lenders, however, think that things could have improved and that they can make good profits if prices rise. After two years of disruption in the commercial real estate markets, Justin Pattner, head of KKR's real estate equity in the Americas, stated, "We think this is a great moment to invest in real estate." To manage the assets, KKR will collaborate with well-known multifamily real estate operators Carter-Haston, MG Properties, and Dalan Real Estate.
