ST. LOUIS—The student housing portfolio of Kayne Anderson Real Estate Advisors just grew by another 665 beds, with the firm's acquisition of a four-property 406-unit portfolio here. The Armonk, NY-based private equity real estate arm of Kayne Anderson Capital Advisors did not disclose the purchase price or seller's identity. However, the St. Louis Post-Dispatch reported the sellers as local developers Amy and Amrit Gill, who shed the assets for $68.5 million.
The package consists of three adjacent student housing communities and a 746-space parking garage. They are located across the street from the main gate of St. Louis University, within short walking distance of academic buildings, dorms and the Busch Student Center.
“The assets are a great addition and complement to our robust student housing portfolio,” says Al Rabil, CEO and managing partner of KAREA. “The quality and added value we're able to offer students and ultimately their parents make this a compelling investment. We're excited to expand our footprint to this nationally recognized growing university.”
The properties include turn-of-the-century architecture; in fact, two of the —the Coronado and Moolah Place—were formerly a hotel and a Masonic temple, respectively. The other two structures are Lindell Towers and Moolah Garage. They feature a study lounge, pool and sundeck, fitness room, game room and in-unit washer/dryers. There is also a bowling alley and movie theater located on site.
The firm has tapped Peak Campus Communities of Atlanta to manage the communities. With these assets, KAREA's student housing portfolio has grown to approximately 16,000 beds and 5,400 units, in addition to 444 conventional multifamily units and 15,065 self-storage units.
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Sule Aygoren
Aygoren oversees the editorial direction and content for ALM’s Real Estate Media Group, including Real Estate Forum and GlobeSt.com. In her tenure with ALM, she’s held roles of increasing responsibility, including Managing Editor. Aygoren has received several awards for her coverage including Best Trade Magazine Report from the National Association of Real Estate Editors and the James D. Carper Award for Young Journalists. Under her direction, Forum has received four national NAREE awards for Best Commercial Real Estate Trade Magazine.
