KKR acquired 18 new multifamily assets from a closed-ended fund sponsored by Quarterra Multifamily for $2.1 billion in June 2024. Now four Democratic senators are asking difficult questions about company plans for the properties.

The recently built, Class A portfolio comprises more than 5,200 units located primarily in coastal and sunbelt markets. These markets include California, Washington, Florida, Texas, Georgia, North Carolina, Colorado, and New Jersey. The portfolio is largely mid-rise and high-rise buildings in high-growth metropolitan areas. The supply of new units in those areas will slow significantly in the next few years.

"We believe this is a great moment to invest in real estate, as transaction activity starts to pick up on the heels of two-years of dislocation in commercial real estate markets," Justin Pattner, Partner at KKR and Head of Real Estate Equity in the Americas, said at the time. "Across our platform we are finding opportunities where our scale, strong relationships, multiple pools of capital and local knowledge give us advantages as a buyer of large pools of high-quality, irreplaceable assets."