Kayne Anderson Real Estate Advisors Acquires Three Off-Campus Student Housing Communities

ARMONK, N.Y., Oct. 5, 2011 /PRNewswire/ -- Kayne Anderson Real Estate Advisors ("KAREA"), the private equity real estate arm of Kayne Anderson Capital Advisors, which invests in specialized real estate sectors with a primary focus on student housing, today announced its acquisition of three student housing properties: Baton Rouge, LA; East Lansing, MI; and Los Angeles, CA.

The Cottages of Baton Rouge, located within close proximity to Louisiana State University (LSU), is a new development combining townhouse, lodge and cottage-style units and consisting of 1,290 beds and 392 units.  It is the largest and most compelling asset in the Baton Rouge market and offers the broadest variety of configuration options in the LSU market.  The fully-amenitized property includes a clubhouse, fitness and business centers, a resort style pool, sauna and steam rooms, tennis, bocce ball and volleyball courts and a yoga/Pilates studio.

The Lodges of East Lansing, located within close proximity to Michigan State University (MSU), consists of 683 beds and 220 units.  Units are built in the more traditional vertical style formulation.  The complex is the only fully-amenitized and purpose-built student housing property located near campus, making it a compelling investment for KAREA.  Amenities range from the traditional fitness center and game room to the rare dog walk, bocce and volleyball courts, winter ice skating rink and heated swimming pool which will be open year round.

West 27th Place, located adjacent to the University of Southern California (USC), is situated in the desirable area known as The Row, which is the social hub of campus.  The property consists of 392 beds and 161 units and maintains fitness and business centers, a salt water pool and structured parking.  West 27th Place is also known for its environmentally conscious cost-saving features and was built in accordance with LEED certification.

"We are extremely excited about our acquisition of these three exceptional properties," said Al Rabil, President and CEO of KAREA.  "We are pleased that all three deals came through close longstanding relationships, which speaks to the team's strong reputation for closing speed, efficiency and a highly specialized knowledge of the student housing space."

These purchases bring KAREA's student housing portfolio to a total of 15,816 beds and 5,371 units. KAREA's portfolio also contains 571 conventional multifamily units and 15,095 self-storage units.

About Kayne Anderson Real Estate Advisors

Kayne Anderson Real Estate Advisors (KAREA) is a private equity firm that invests in niche real estate sectors requiring specialized knowledge and skill for success, with a primary focus on off-campus student housing. KAREA is actively seeking student housing real estate assets of 150 units or more in close proximity to large public universities with strong student enrollment growth.   The firm raised $136 million in commitments for its first real estate private equity fund Kayne Anderson Real Estate Partners I, which held its final close on March 31, 2009.  KAREA is part of Kayne Anderson Capital Advisors, L.P., a $13 billion investment management firm with over 25 years successful experience in the energy, growth capital, real estate and mezzanine debt sectors.  For more information, visit www.kaynecapital.com.

SOURCE Kayne Anderson Real Estate Advisors