Baton Rouge, La., East Lansing, Mich. and Los Angeles — Purchase totals 2,365 beds.
Baton Rouge, La., East Lansing, Mich. and Los Angeles — Kayne Anderson Real Estate Advisors (“KAREA”), the private equity real estate arm of Kayne Anderson Capital Advisors, has acquired three student housing properties.
In Baton Rouge, The Cottages of Baton Rouge (shown at right) is located within close proximity to Louisiana State University (LSU). The 392-unit, 1,290-bed property is a new development combining townhouse, lodge and cottage-style units. Amenities include 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), includes 683 beds in 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. Features include a traditional fitness center and game room, but also boasts a dog walk, bocce and volleyball courts, winter ice skating rink and a heated swimming pool, which will be open year round.
Finally, West 27th Place (shown at left), located adjacent to the University of Southern California (USC), is situated in the 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 was also built in accordance with LEED certification.
These purchases bring KAREA’s student housing portfolio to a total of 15,816 beds and 5,371 units. KAREA’s overall portfolio also contains 571 conventional multifamily units and 15,095 self-storage units.
— Dan Marcec