Resort-style off-campus student housing delivers on schedule, reaches 100 percent occupancy
The NINE @ Gainesville, a highly amenitized off-campus student housing development serving undergraduate and post-graduate students of the University of Florida, delivered as scheduled for the 2018 academic year.
908 Group, Batson-Cook Development Company (BCDC), and Kayne Anderson Real Estate Advisors jointly developed The NINE @ Gainesville. Located less than a quarter mile from campus along the 13th Street corridor, and directly across the street from UF Health Shands Cancer Hospital, the wood-frame project has 1, 2, 3, 4 and 5-bedroom fully furnished apartments. Each features private bathrooms, in-unit washers and dryers, stainless steel appliances and private balconies. There are a total of 627 beds and 216,540 square feet.
The project has a resort-style swimming pool, state-of-the-art fitness center, interactive study rooms and community café and club room. There is a secured, structured parking deck with 420 spaces.
Asset Campus Housing provided third-party leasing and property management services for the project. Student excitement and demand was strong from the beginning with the project achieving lease-up several months prior to occupancy.
“The NINE @ Gainesville has been a compelling project from the beginning, with excellent partners in 908 Group and Kayne Anderson, and a well-located piece of property,” said Litt Glover, CEO and President, BCDC. “We couldn’t be more thrilled about the early success, and we know it will be the preferred place to live for University of Florida students for many years to come.”
Kayne Anderson Real Estate Advisors, BCDC and 908 Group provided equity and PNC Bank provided construction financing. Arco Murray Construction Co. was the general contractor. The architect was Forum Architecture. TSB Capital Advisors consulted 908 Group and BCDC Company on the joint venture with Kayne Anderson, and assisted with procuring the senior loan through PNC Bank.
Founded in 1963, Batson-Cook Development Company is a wholly owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, Batson-Cook Development Company offers a wide variety of real estate services from development and construction to equity and credit enhancements, to brokerage and property management. Visit www.batsoncookdev.com from more information.
About 908 Group
908 Group is a boutique real estate development services firm specializing in urban infill, multifamily and mixed-use projects. The firm’s focus is to create highly unique properties and innovatively functional living spaces through the utilization of cutting edge architecture, design and technology. A primary point of emphasis is for each distinctive project to achieve a delicate balance between form and function. It focuses on developing institutional-quality apartment communities, concentrating on markets that exhibit underserved housing needs, while utilizing “best in class” planning and construction practices, emphasizing high-end finishes, distinctive design elements and a full complement of amenities. Visit www.908group.com for more information about the firm.
About Kayne Anderson Real Estate Advisors
Kayne Anderson Real Estate Advisors is a leading real estate private equity investor in off-campus student housing, senior housing and medical office buildings. Kayne Real Estate has raised dedicated real estate private equity funds totaling approximately $5 billion in commitments. Kayne Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $26 billion alternative investment management firm (AUM as of 3/31/17) with more than 30 years of successful experience in the energy, infrastructure, growth capital, real estate, and middle market credit sectors. For more information, visit www.kaynecapital.com/strategies/real-estate-private-equity.