Louisville, Ky., and Lubbock, Texas — Kayne Anderson Real Estate Advisors has invested in two off-campus student housing communities. In the first transaction, Kayne Anderson acquired an interest in The Province at Louisville, which is located within walking distance of the University of Louisville. The garden-style community contains 858 beds in 256 units. It was developed in 2009 by The Edwards Companies, which is also Kayne Anderson's partner in the property's ownership. Kevin Larimer of Hendricks & Partners Birmingham, Mich., office arranged the deal.
The second property Kayne Anderson invested in is 25Twenty, a property currently under development in Lubbock that will serve Texas Tech University. The community is situated across from Jones AT&T Stadium. It contains 562 beds in 249 units and is slated for completion by the fall 2011 semester. Kayne Anderson's partner in the project is Asset Campus Housing. For a previous story regarding 25Twenty, click here.
— Coleman Wood