Global investment firm KKR & Co. Inc. (KKR) announced that it has acquired a 332-unit Class A residential building, The District at Scotsdale. The terms of the deal have not been disclosed so far.
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Following the news release, shares of the company appreciated 2.3% in Monday’s trading session. Further, the stock added to its gains marginally and closed at $60.70 in the extended trading session.
Notably, the company has been enhancing its presence in the Phoenix metropolitan area. With this acquisition, KKR now has above 2,600 units with a value of about $650 million in the area.
Managing Director at KKR Michael Friedland said, “The District at Scottsdale is well-positioned with a great location and world-class amenities, supporting Phoenix’s continued growth as a leading destination to live and work. We are excited to deepen our commitment to the Phoenix market with the addition of this trophy asset to our core plus real estate portfolio.” (See KKR stock chart on TipRanks)
On July 12, Citigroup analyst William Katz reiterated a Buy rating on the stock. The analyst, however, raised the price target from $69 to $74. The analyst’s price target implies upside potential of 22.4% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 8 Buys and 3 Holds. The average KKR price target of $64.82 implies 7.2% upside potential from current levels.
KKR scores a 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with the market averages. Shares have gained 76.8% over the past year.
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