June 25 (Reuters) - Investment firm KKR acquired

a portfolio of 18 multifamily real estate assets on Tuesday from

a closed end fund sponsored by developer Quarterra Multifamily

for about $2.1 billion.

The portfolio includes 5,200 units across California,

Washington, Florida, Texas, Georgia, North Carolina, Colorado

and New Jersey.

The global commercial property industry, in particular

offices, is still in the grip of its biggest slump since the

2007-9 financial crisis.

But non-bank lenders believe the worst may have passed and

that they can generate attractive returns as valuations recover.

"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,"

said Justin Pattner, KKR's head of real estate equity in the

Americas.

KKR will partner with prominent multifamily real estate

operators Carter-Haston, MG Properties and Dalan Real Estate to

operate the assets.