Global investment firm KKR has launched Alpha Storage Properties (ASP) as a self-storage investment platform. The company has tapped industry veteran Jonathan Perry to serve as CEO. ASP will look to acquire and manage a self-storage portfolio in “high-growth markets and strategic infill locations,” according to a press release.
Prior to launching ASP, KKR acquired 16 self-storage properties through its real estate funds for approximately $300 million. With locations in Austin, Texas; Atlanta; Charlotte, North Carolina; Denver; Los Angeles; Nashville, Tennessee; Orlando, Florida; and Phoenix, the ASP seed portfolio comprises 1.2 million square feet in 11,700 units.
“We are thrilled to launch ASP under Jonathan’s leadership. His deep knowledge of the self-storage sector will help accelerate the growth of our portfolio,” said Roger Morales, partner and head of real estate acquisitions in the Americas for KKR. “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.”
Perry has more than two decades of self-storage experience serving in senior roles. He’s led more than $4 billion in industry transactions in his career. Perry most recently served as president and chief investment officer (CIO) for Jernigan Capital, where he oversaw all investment and asset management. He previously spent 10 years at CubeSmart, where he rose to CIO. He began his career at Storage USA working in various finance and real estate roles, including for its successor, GE Capital Real Estate.
“I am excited to collaborate with KKR to build a leading national portfolio of self-storage real estate,” Perry said. “I was immediately impressed by the KKR real estate team’s rigorous approach to asset selection, deep presence in fast-growing Sun Belt markets and strong focus on building lasting partnerships. We are launching ASP with a high-quality seed portfolio, and I believe our platform is well-positioned as an aggregator, owner and operator in a fragmented market.”
Based in New York, KKR offers alternative asset-management, capital-markets and insurance solutions. It sponsors funds that invest in private equity, credit and real assets, and has strategic partners that manage hedge funds. Since launching a dedicated real estate platform in 2011, the firm has grown its real estate assets under management to approximately $36 billion across Asia, Europe and the United States.
Source: Bakersfield, KKR Launches Self-Storage Investment Platform with Jonathan Perry