Kayne Anderson Buys St. Louis Student Housing

Kayne Anderson Real Estate Advisors has acquired four properties in St. Louis. The portfolio consists of three adjacent apartment buildings totaling 406 units, and a 746-space parking garage. The buyer did not specify a purchase price.

St. Louis—Kayne Anderson Real Estate Advisors (KAREA) has acquired four properties in St. Louis. The portfolio consists of three adjacent apartment buildings totaling 406 units, and a 746-space parking garage. The buyer did not specify a purchase price.

The apartments are student housing, with a total of 655 beds. They are located directly across the street from the main gate of St. Louis University, and within walking distance of the school’s academic buildings, other student housing and the Busch Student Center. SLU is a Jesuit university with an enrollment of about 13,700 graduate and undergraduate students.

Two of the buildings began their existence as something other than residential space. The Coronado was originally a hotel, while Moolah Place was a Masonic temple; the third property is called Lindell Towers. All of the structures feature early 20th-century architectural flourishes.

In addition to the parking provide by the garage, the properties’ other amenities include a study lounge, pool and sundeck, fitness room, game room, and in-unit washer/dryers. There’s also a bowling alley and movie theater located on site.

The acquisition brings KAREA’s student housing portfolio to about 16,000 beds and 5,400 units. The company, which is the private equity real estate arm of Kayne Anderson Capital Advisors, also owns 444 conventional multifamily units and 15,065 self-storage units. Thus far KAREA has raised three dedicated real estate private equity funds totaling more than $1.4 billion in commitments.