Investment giant KKR has scooped up more than 5,000 apartments across the country in a deal that represents its biggest-ever bet on the sector. 

The company has purchased 18 properties from Charlotte-based Quarterra for $2.1B, it announced Tuesday.

The 5,200 units are spread across several states, including California, Washington, Florida, Texas, Georgia and North Carolina, Colorado and New Jersey. The Wall Street Journal first reported the deal. 

It comes six months after Quarterra’s parent company, Lennar, announced it was looking to sell more than 11,000 apartment properties that Quarterra operates, which it said could earn $4.5B. 

KKR executives said in Tuesday’s release that the firm likes the fundamentals of the apartment sector, and this portfolio serves high-growth metro areas where new supply will slow down significantly in a few years.

“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,” KKR partner and Head of Real Estate Equity in the Americas Justin Pattner said. 

The firm plans to work with multifamily operators Carter-Haston, MG Properties and Dalan Real Estate to operate the assets. 

Law firm Gibson Dunn & Crutcher advised KKR on the transaction, while Troutman Pepper Hamilton Sanders and JLL advised Quarterra.

KKR, which had $71B in assets under management as of the end of the first quarter, has completed a few other multifamily acquisitions this year. 

In April, it purchased a 19-property student housing portfolio from Blackstone Real Estate Income Trust over 10 states for $1.64B. In January, it purchased two multifamily properties in London from British-based Quintain, totaling 490 units.