Category: Press

KKR and RPM Living Acquire The Beach House Apartments in Jacksonville, Florida

New York – October 28, 2021 – KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST”) and RPM Living Investments (“RPM Living”), a full-service multifamily management, investment and development company, have acquired The Beach House Apartments (“The Beach House”), a multifamily property in Jacksonville, Florida. The transaction is KKR’s first multifamily investment through KREST, a continuously offered, registered closed-end fund designed to deliver access to income-oriented private real estate investments.

Completed in 2010, The Beach House is a 228-unit, garden-style multifamily complex located in the Jacksonville Beaches submarket, approximately one mile from public beach access and in close proximity to Jacksonville’s popular beachside entertainment and shopping destinations. The property features luxury interiors, private patios and balconies, and variety of modern amenities, including a swimming pool, fitness center and business center. RPM Living will operate The Beach House and oversee a number of upgrades to ensure the property continues to provide a high-quality residential experience.

“We are excited to complete our first residential investment for KREST with the purchase of this premium apartment complex located in the highly desirable Jacksonville Beach neighborhood,” said Michael Friedland, Managing Director at KKR. “We are continuing to deepen our footprint in the fast-growing Sunbelt region and believe this beach-adjacent property offers attractive value to a wide range of residents who are choosing Jacksonville for its great lifestyle and employment opportunities.”

“The Beach House’s great location coupled with Jacksonville’s current competitive market is what attracted us to this investment and we’re looking forward to further expanding our presence in the Southeast and Sunbelt region,” said Josh Kahn, Chief Operating Officer, Investments at RPM Living.

The investment is part of KREST’s stabilized real estate investment strategy, one of the fund’s three primary investment strategies, which focuses on thematically-driven, income-generating real estate in high growth markets, including well-leased multi-family. Since launching a dedicated real estate platform in 2011, KKR has grown real estate assets under management to approximately $33 billion across the U.S., Europe and Asia as of June 30, 2021. KKR’s global real estate team consists of approximately 130 dedicated investment professionals, spanning both the equity and credit business, across 12 offices and nine countries.

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About KREST

KKR Real Estate Select Trust Inc. (“KREST”) is a continuously offered, registered closed-end fund that thematically invests in high quality, stabilized, income-oriented commercial real estate equity and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide attractive current income, with a secondary objective of long-term capital appreciation. KREST is managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., and utilizes the experience and reach of KKR’s global real estate team and the resources available through the KKR platform. For additional information about KREST, please visit its website at www.krest.reit.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About RPM Living

RPM Living is a full-service multifamily management company offering an innovative and personalized approach to real estate services including management, investment and development. Headquartered in Austin, Texas, RPM is ranked #11 on the NMHC Top 50 Largest Apartment Manager list and the third largest property management company in Texas managing more than 100 clients, nine regional offices and 76,000 units across Arizona, Colorado, Florida, Georgia, Illinois, Iowa, Kentucky, Louisiana, Maryland, Michigan, North Carolina, South Carolina, Tennessee, Texas, Virginia, and Wyoming. Founded by Jason Berkowitz in 2002, the firm has grown to over 2,000 associates nationwide spread across 27 markets, all of whom share the collective vision to enhance clients’ investments through customized solutions and exceptional resident-centric service. To learn more about RPM, visit RPMLiving.com.

RPM Living Retains Management of 10X Living 15th Street Flats, Formerly Known as 15th Street Flats

AUSTIN, Texas (10/05/21) — RPM Living is pleased to announce it has been selected as the property management firm for 10X Living 15th Street Flats, a 337-unit eight-story complex offering one- and two-bedroom units ranging from 638 to 1,273 square feet. in Houston, TX.

Formerly known as 15th Street Flats, the property has been rebranded to 10X Living 15th Street Flats and adds to RPM’s growing portfolio in Houston, TX. The 337-unit community is located at 1414 N Shepherd Dr, Houston, TX 77008.

“We are excited to be selected as the management company for such a great asset,” says Jason Berkowitz, Chief Executive Officer of RPM Living. “We’re looking forward to providing the highest quality service and enhancing the property’s overall value for lasting success.”

RPM Living’s management services will comprise the day-to-day management, accounting and maintenance of the community, along with tenant communication, lease administration, budgeting, and management of third-party vendors.

RPM offers extensive 360-degree solutions for diverse portfolios with the goal of providing the highest quality property and asset management services available. By providing clients with custom tailored services, RPM takes a collaborative, hands-on approach to understand the unique goals of each property. RPM’s areas of expertise include conventional, lease-up, mixed-use, student housing, senior living and affordable.

For more information, visit 10xliving15thstreetflats.com.

About RPM

RPM is a full-service property management company offering an innovative and personalized approach to real estate management services. Headquartered in Austin, Texas, RPM is a NMHC Top 50 Manager and the third largest property management company in Texas managing more than 100 clients, eight regional offices and 84,000 units across Arizona, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Michigan, North Carolina, South Carolina, Tennessee, Texas and Virginia. Founded by Jason Berkowitz in 2002, the firm has grown to over 1,600 associates nationwide spread across 32 markets, all of whom share the collective vision to enhance clients’ investments through customized solutions and create quality living environments for residents. RPM continues its aggressive pursuit of new opportunities in thriving markets. To learn more about RPM, visit RPMLiving.com.

RPM Living Featured in Units Magazine June 2021 Issue

RPM Living was recently featured in NAA’s Units Magazine’s June 2021 issue in an article titled “5 Biggest Property Management Challenges on the Horizon,” which details the hurdles facing the industry in finding and keeping top talent in a post-COVID-19 world.

Rachel Davidson, of RPM Living, shares insights on how companies are navigating coming back to the office. “Rachel, “says the apartment industry was slow to adopt telework and other flexible policies, but the pandemic changed that and showed that staffers could be productive at home. ‘One of the bigger focuses and challenges is going to be finding the right balance instead of just trying to return to normal,’ Davidson says. ‘I think companies who just open back up and say that people are required to be back in the office are going to face challenges retaining top talent and even attracting top talent.’ If companies correctly navigate the return to the office, they can gain an edge in the battle for talent. ‘Those who actually make a change and create a new normal are going to have an advantage because your workforce is going to expect that,’ Davidson says.” Read more on the article written by Units Magazine here.

Apartment Ratings Awards Multiple RPM Living Communities Top Ranks

We are thrilled to share that multiple RPM Living communities have been awarded Apartment Ratings’ Top Rated for 2020. The annual awards recognize properties with outstanding resident satisfaction on ApartmentRatings.com. Of the many properties on their site, just 5% are awarded this recognition, making it a major achievement.

To qualify for this award, communities had to meet several criteria including:

  • An epIQ Index community grade of A- (80.00) or better
    • epIQ is the most comprehensive and insightful performance metric index which combines verified Apartment Ratings and SatisFacts data to generate a reliable and up-to-date rating. It’s calculated based on average renter ratings, reviews per unit compared to other communities, percentage of reviews with a manager’s response, and average response time.
  • A minimum of 5 reviews in the 2020 calendar year

Congrats to our RPM communities who earned this amazing accomplishment:

Hometown at Matador Ranch
epIQ Grade: A

Austin Bluff Apartments
epIQ Grade: A

Overton Park Townhomes
epIQ Grade: A

Hudson Miramont
epIQ Grade: A

Hebron Trails
epIQ Grade: A-

Parkland Pointe
epIQ Grade: A-

Plaza at San Jacinto
epIQ Grade: A-

The Reserve at Walnut Creek Apartments
epIQ Grade: A-

View the entire list of 2020 winners by visiting: apartmentratings.com/2020topratedawards

RPM Living Makes the 2020 NMHC Top 50 List

RPM Living ( formerly known as Roscoe Property Management) has been recognized as one of the top-ranked apartment managers in the nation. RPM debuts for the first time in its history on the National Multifamily Housing Council’s 31st annual 2020 NMHC Top 50, the authoritative ranking of the nation’s largest apartment owners and managers.

During 2019, RPM achieved significant portfolio growth, increasing the number of units under management to 38,035 which earned RPM a ranking of 42 on the list. Over the last year, RPM expanded its national presence and integrated B/K Multifamily Services’ core portfolio into its platform.

“We are honored to be recognized by the National Multifamily Housing Council,” said Jason Berkowitz, Founder and President of RPM. “Our growth is the result of focusing on the needs of our customers, providing customized solutions, and fostering a collaborative culture that creates value for our clients and residents day in and day out.”

The official NMHC list: https://lnkd.in/eTwEhgz

MFE, the Digital Magazine Edition: https://lnkd.in/eggjPdX

The NMHC Press Release: https://lnkd.in/eF749Cg