Kayne Anderson and Flagship Investment Group Expand Strategic Partnership to Acquire 18 Self-Storage Properties in Ohio and Indiana
Acquisition Expands Kayne Anderson's Reach in the Self-Storage Niche
ARMONK, N.Y., Aug. 18, 2011 /PRNewswire/ -- Kayne Anderson Real Estate Advisors, LLC, the private equity real estate group of Los Angeles-based Kayne Anderson Capital Advisors, L.P., investing in specialized real estate sectors, particularly off-campus student housing, and Flagship Investment Group ("Flagship"), a Central Florida-based developer, owner and operator of self-storage facilities under the "StorKwik" brand, have together acquired a portfolio of 18 self-storage properties totaling 7,659 units and 975,551 square feet from U-Store-It ("USI"), a publically-traded REIT. Significant capital and operational improvements are planned to the properties, which are located in Indianapolis, IN; Cleveland, OH; and Canton, OH.
With this acquisition, Kayne Anderson and Flagship now own 29 self-storage facilities operated under the "StorKwik" brand in six markets across the U.S. representing a total of 14,780 storage units with 1,861,176 square feet. "The partnership with Kayne Anderson is one that we hope to continue growing as our combined expertise, reputation and strength in the sector continues to bear fruit," added Chip Headley, President and Chief Investment Officer at Flagship Investment Group.
Al Rabil, Managing Partner of Kayne Anderson Real Estate Advisors, added that "by continuing to align with strong operating partners like Flagship, Kayne Anderson is able to capitalize on compelling investments like the U-Store-It purchase where we believe value can be added through capital and operational improvements." He went on to say that "while student housing continues to be our primary investment focus, we believe other niche sectors, such as self-storage, with similar characteristics to student housing of fragmented ownership, specialized operational requirements and strong demographic trends, provide unique opportunities for value creation and achievement of scale at attractive prices." In addition to its portfolio of self-storage properties, Kayne Anderson also owns 28 student housing properties with over 14,000 beds in 19 states and 21 university markets across the U.S.
For further information please contact:
CJP Communications
Josette Robinson |
212.279.3115 ext. 212 |
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Olivia Offner |
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About Flagship Investment Group
Flagship Investment Group is a diversified real estate company focused on self-storage, master planned communities, and hospitality. The company is headquartered in Orlando, FL. For more information please contact Chip Headley at (407) 246-1144.
About Kayne Anderson Capital Advisors
Kayne Anderson Capital Advisors, L.P., is a $13 billion investment management firm with over 25 years of successful investing experience in the middle markets in the energy, growth capital, real estate and mezzanine debt sectors. The firm has offices in Los Angeles, Houston, New York City and Armonk. For more information, visit www.kaynecapital.com.
SOURCE Kayne Anderson Real Estate Advisors, LLC
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