Mapletree Investments Acquires $1.6B Student Housing, Multifamily Portfolio from Kayne Anderson

by Katie Sloan

LOS ANGELES — Singapore-based Mapletree Investments Pte Ltd. has acquired a portfolio of eight student housing communities and four multifamily properties from Los Angeles-based Kayne Anderson Real Estate Advisors for $1.6 billion.

The student housing portion of the portfolio consists of 3,611 beds in the United States and 140 beds in Canada. Properties include:

  • WaHu — an 825-bed community located near the University of Minnesota in Minneapolis
  • The District at Campus West — a 659-bed community located near Colorado State University in Fort Collins, Colo.
  • SkyVue — a 627-bed community located near the University of Pittsburgh in Pennsylvania
  • 4th Street Commons — a 562-bed community located near Florida International University in Miami
  • 930 NoMo — a 430-bed community located near the College of Charleston in Charleston, S.C.
  • Todd — a 351-bed community located near the University of Missouri in Columbia, Mo.
  • 700 on Washington — a 157-bed community located near the University of Minnesota in Minneapolis
  • Parc Cite — a 140-bed community located near McGill University in Montreal, Canada

The eight student housing properties are located an average of 0.2 miles away from campus, and have occupancies above 90 percent.

The four multifamily properties total 1,388 units, and include:

  • Mint Urban Infinity — a 561-unit community located in Denver
  • Denizen — a 275-unit community located in Denver
  • Latitude 45 — a 318-unit community located in Minneapolis
  • Place on Ponce — a 234-unit community located in Decatur, Ga.

The acquisition took place over a series of transactions. Citigroup Global Markets Inc. acted as exclusive financial adviser to Kayne Anderson Real Estate.

Mapletree acquired its first U.S. student housing portfolio of seven assets from Kayne Anderson Real Estate in November 2016. Mapletree’s total student housing portfolio consists of 43 assets with 18,024 beds located across 29 cities in the U.S., Canada and the U.K., including assets held by its sponsored Mapletree Global Student Accommodation Private Trust.

Kayne Anderson Real Estate Advisors is a private equity investor in off-campus student housing, seniors housing and medical office buildings. The company has raised dedicated real estate private equity funds totaling approximately $5 billion in commitments.

Rising rental rates are coupled with record-breaking levels of asset sales and an increase in institutional and foreign investment, further solidifying the student housing sector as a strong investment.

Katie Sloan

You may also like