TSB Capital Advisors (TSBCA) consulted on the formation of a joint venture between Kayne Anderson Real Estate Advisors, the private equity real estate arm of Kayne Anderson Capital Advisors, has formed a joint venture with Capstone Development Corp to develop three student housing properties near the University of New Hampshire in Durham, NH; Texas A&M University in College Station, TX; and Kennesaw State University in Kennesaw, GA.
According to Kayne Anderson, Texas A&M’s student body is growing at a rate of 4.6 percent per year, and Kennesaw State University is expected to grow student enrollment by over 20 percent by 2016. The University of New Hampshire’s student housing landscape simply shows a demand for higher quality, lower cost off-campus housing that is in close proximity to the University.
The New Hampshire, Texas and Georgia properties are the first of what the companies hope will be a series of joint ventures. The teams were brought together by Timothy Bradley of TSB Capital Advisors.
The University of New Hampshire and Texas A&M’s cottage-styled domiciles meant to create a small-town, community feel. The property at Kennesaw is more traditional. The amenities at all three properties include expansive clubhouses, open green spaces, resort-style pools, state-of-the-art fitness centers, yoga/pilates studios, saunas, steam rooms, game rooms, tanning beds and tennis, volleyball and bocce ball courts.
“The Cottages of Durham” are expected to be completed in time for the 2012-2013 academic year and will have 141 units with 619 beds.
The College Station property, “The Cottages at College Station,” will be a 369-unit, 1,352 bed development built in two phases. The first phase will deliver 829 beds prior to the fall 2012 academic year, while, the second phase of 523 beds will be completed by the fall 2013 academic year.
Kennesaw State University’s “The Lofts of Kennesaw” is set for delivery in time for the 2012-2013 academic year, and will provide 217 units and 803 beds.
