KKR has partnered with co-investors Pfeffer Capital and CP Realty, to acquired land to develop permanent residential community in Williston, North Dakota.
Financial terms of the transaction were not disclosed.
The project, The Ridge at Harvest Hills, includes 164 acres of land overlooking the city of Williston. Construction of infrastructure for the current phase is under way and will support development of up to 330 apartments which are scheduled to commence in Spring 2013.
“The Ridge at Harvest Hills represents a major investment that will help the city of Williston meet its current and long-term housing needs,” State governor Jack Dalrymple said. “The state is doing its part by facilitating greater development of affordable housing in our oil-producing region and in fast-growing communities throughout North Dakota.”
Ralph Rosenberg, global head of KKR’s real estate team, stated, “This is a long-term investment to support the structural needs of a growing community. Because of the energy boom, North Dakota has had an influx of new residents and our experience in the unconventional oil and gas business gives us confidence that this is not merely a temporary development.”
Rosenberg was recently reported to be looking at London residential real estate as part of a concerted real estate push for the firm.
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