Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 09 July 2019

KKR Venture Paying $325Mln for 6 Apartment Properties in Fla., North Carolina, Texas

The venture, which includes Carter-Haston Real Estate Services, is paying $325 million for the 1,823-unit apartment portfolio. Bluerock Residential Growth REIT Inc. is selling the portfolio. Two of the properties serve as collateral for $69 million of Freddie Mac securitized debt.

Commercial Real Estate Direct Staff Report

A venture of KKR & Co Inc. and Carter-Haston Real Estate Services has agreed to pay $325 million for six apartment properties with 1,823 units in Florida, North Carolina and Texas.

It is buying the portfolio from Bluerock Residential Growth REIT Inc. of New York.

KKR formed its venture with Carter-Haston last year to acquire apartment properties throughout the United States. KKR, which has $7.7 billion of assets under management, in 2013 raised more than $1.5 billion for its inaugural real estate fund, KKR Real Estate Partners Americas, and two years later raised $2 billion for its follow-up vehicle. The New York private-equity firm also operates a mortgage REIT, KKR Real Estate Finance Trust Inc., that during the first quarter was the most-active retainer of risk in the CMBS market.

Carter-Haston, meanwhile, is a Nashville, Tenn., investment manager that owns or manages 45 apartment properties in 10 states.

Two of the properties that the KKR/Carter-Haston venture is buying serve as collateral for $69 million of Freddie Mac securitized debt. One of those properties is the 352-unit Sorrel Phillips Creek Ranch in the Dallas suburb of Frisco, Texas, which the venture is buying for $57.9 million, or $164,500/unit. The property, at 5050 FM 423, serves as collateral for $38.7 million of debt that is securitized...


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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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