KKR Expands Phoenix Footprint With High-End Purchase
- Jul 14, 2021
KKR has acquired The District at Scottsdale, a 332-unit Class A property in Scottsdale, Ariz. The purchase expands the company’s Phoenix metro area portfolio to more than 2,600 units valued at roughly $650 million. Over the past 10 months, KKR invested roughly $1.2 billion in luxury assets across high-growth markets in the U.S.
According to Yardi Matrix data, F&B Capital was the seller of the 2019-built asset. The District at Scottsdale is located at 15446 N. Greenway-Hayden Loop, adjacent to Scottsdale Quarter and Kierland Commons.
Featuring one- and two-bedroom units as well as penthouses, the two-building community includes a fitness center, business center, clubhouse, swimming pool and spa, and 1,121 parking spaces. The four-story structures have retail spaces on the ground floor.
RPM Living will continue to manage The District at Scottsdale, with the company planning to expand in the Southwest. In October, RPM joined forces with Maverick Residential, adding 1,750 new units to its portfolio. The deal came after RPM ventured into the Arizona market last December by taking over the management of a luxury apartment community in Scottsdale.