Greensboro, N.C. -- Kayne Anderson, through its fund Kayne Anderson Real Estate Partners I LP, has invested in an off-campus student housing community being developed near the campus of the University of North Carolina (UNC) - Greensboro. The Province at Greensboro is being developed by Columbus, Ohio-based The Edwards Companies. It will be situated within two blocks of campus, making it the closets student housing community to the school's academic buildings. It will contain 696 beds in 219 units. Community amenities will include a resort-style swimming pool, a fitness center, media and gaming rooms, a computer center, a theater and tanning beds. All units will be fully furnished, and cable television and internet service will be provided. Completion for the project is slated for August 2011.
Kayne Anderson Real Estate Partners I currently has 13 student housing properties in its portfolio. This marks the fund's second joint venture with Edwards. The first, which closed in May, was for the acquisition of The Province at Louisville, a 858-bed project located in Louisville, Ky., that will serve the University of Louisville.
— Coleman Wood