BOCA RATON, FL—Private equity investment firm Kayne Anderson Real Estate reports today it has closed its fifth opportunistic equity fund—Kayne Anderson Real Estate Partners V—at a hard cap of $1.8 billion.
Officials with the Boca Raton, FL-headquartered firm that invests in alternative sectors say the $1.8-billion closing was exclusive of capital from the general partner and its affiliates and was “substantially oversubscribed.”
They add the fund is KA Real Estate's largest to date—the firm was founded in 1984—and includes capital commitments from a diverse group of investors including institutions (pensions, foundations, endowments and corporate), high net worth individuals and family offices.
To date, KAREP V has successfully deployed more than 20% of the KAREP V fund or approximately $360 million. KAREP V is seeking opportunities across seniors housing, medical office and student housing sectors, the company states. The firm is currently raising capital for its core and debt funds.
“The significant interest in KAREP V is a testament to our unique investing strategy, bringing operational expertise to undermanaged and undervalued assets in sectors affected by the aging of the U.S. population,” says Al Rabil, co-founder, managing partner and CEO of Kayne Anderson Real Estate. “Much as we had a first-mover advantage in student housing 10 years ago, we see the same opportunity in seniors housing and medical office today and are poised to continue to generate meaningful value for both our investors and the communities we serve.”
KA Real Estate is the real estate private equity arm of Kayne Anderson Capital Advisors, L.P., with a current portfolio of more than 12 million square feet of medical office space, approximately 10,500 seniors housing units and 4,500 student housing beds.
Last November, Kayne Anderson Real Estate Advisors purchased The Towers, which formerly served as a residence for Jehovah's Witnesses members at 21 Clark St. in Brooklyn, NY. Kayne Anderson said at the time of the purchase it planned to establish a partnership with the Tucson, AZ-based Watermark Retirement Communities, to convert the property into an upscale retirement residence.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
