Answering the call to build permanent housing in one of the fastest-growing cities in the United States, the City of Williston today announced that affiliates and clients of Kohlberg Kravis Roberts & Co (“KKR”) including KKR Financial Holdings LLC (“KFN”), along with co-investors Pfeffer Capital and CP Realty, have acquired land to develop a high quality, permanent residential community in Williston, North Dakota. Financial terms of the transaction were not disclosed.
Ralph Rosenberg, KKR's Head of Real Estate (Photo: Business Wire)
“Williston is one of the fastest growing cities in America and we are dedicated to building a long-term sustainable community. We are thrilled to work with new partners like KKR, Pfeffer Capital and CP Realty to provide the quality housing alternatives we need to support the demand created by our thriving economy,” Ward Koeser, Mayor of Williston, said.
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 plus completion of lots intended for sale to homebuilders for construction of 500 single family, townhome, and duplex homes.
The Ridge at Harvest Hills will represent an evolution in housing stock and community planning for the city as developers and public officials worked together to include parks, recreation, and open space. Furthermore, the community was planned to slow or divert commercial traffic to further enhance the suburban feel of safety and security for its inhabitants. Importantly, and unlike much of the surrounding land, The Ridge at Harvest Hills is fully entitled and has immediate access to utilities so the new community can help solve the city’s near-term housing shortage as well as long-term community demands.