KKR starts Alpha Storage Properties to invest in self-storage properties
KKR (NYSE:KKR) names Jonathan Perry as CEO of Alpha Storage Properties, which will invest in self-storage real estate across the U.S.
Self-storage REITs have performed well during the pandemic. "Self-storage is a resilient sector that has experienced steady growth over the past 30 years and we are seeing an increase in demand resulting from the evolving relationship people have with their living space, the cost of housing and accelerated trends in net migration," said Roger Morales, KKR partner and head of Real Estate Acquisitions in the Americas.
In the past few months, KKR (KKR) purchased 16 self-storage assets for ~$300M across such growth markets as Austin, Atlanta, Charlotte, Denver, Nashville, and Phoenix Solar . The seed portfolio includes ~11,700 units or 1.2M square feet.
Most recently, Perry served as president and chief investment officer at Jernigan Capital, but has also held leadership roles at CubeSmart (NYSE:CUBE) and Storage USA.