MIAMI—Kayne Anderson Real Estate Advisors (KAREA) and Discovery Senior Living are now the sole owners of the Aston Gardens senior housing portfolio. The real estate private equity arm of Kayne Anderson Capital Advisors partnered with Discovery, a senior housing developer and operator, to buy out Discovery's partner in the properties. Financial terms of the deal were not disclosed.

“Kayne Anderson has a track record of making unique, quality investments in niche real estate,” says Al Rabil, managing partner and CEO of KAREA. “We're excited to build on that and expand our portfolio through this partnership with Discovery, especially given their excellent track record in the senior housing sector. We will continue to evaluate strategic opportunities in the space.”

With increased life expectancy and the growing desire for post-retirement options, senior housing is emerging as a major specialized sector providing customized services for individuals at all late stages of life. The senior housing properties in the Aston Gardens portfolio include clubhouses with resort-style amenities, including full-service restaurants, heated pools, billiards rooms, salons, putting greens, and outdoor barbeque facilities.