A private equity real estate fund launched by Kayne Anderson Capital Advisors, Kayne Anderson Real Estate Partners I LP, and Flagship Investment Group, a developer and operator of commercial property, will acquire five Florida self-storage facilities for a total of $25 million. The properties comprise more than 375,000 square feet in more than 3,100 units. They are located in Clermont, Fleming Island, Minneola and Orange Park, Fla.
Kayne Anderson Real Estate began investing in off-campus student housing in 2007 as part of a strategy to invest in specialized real estate sectors that have recession-defiant characteristics. Through its partnership with Flagship, the company is able to expand on this strategy through self-storage investment, in which Flagship has experience.
Based in Orlando, Fla., Flagship is a diversified real estate company focused on self-storage, hospitality and master-planned communities.
Kayne Anderson Capital Advisors, with offices in Armonk, N.Y., Houston, Los Angeles and New York City, is a $10 billion investment management firm.