BOCA RATON, FL - Kayne Anderson Real Estate Advisors (KAREA), the real estate private equity arm of Kayne Anderson Capital Advisors, L.P. and Discovery Senior Living (Discovery), an operator and developer of senior housing, announced that together they have bought out Discovery's existing partner in the Aston Gardens senior housing portfolio. With increased life expectancy and the growing desire for post-retirement options, senior housing is emerging as a major specialized sector providing numerous customized services for individuals at all late stages of life.
"Kayne Anderson has a track record of making unique, quality investments in niche real estate. We're excited to build on that and expand our portfolio through this partnership with Discovery, especially given their excellent track record in the senior housing sector," said Al Rabil, Managing Partner and CEO of KAREA. "We will continue to evaluate strategic opportunities in the space."
The Portfolio, consisting of six Class A properties, is comprised of 1,930 units and located throughout Florida in Naples, Parkland, Sun City, Tampa, and Venice. The assets offer a unit mix of 82 percent Independent Living and 18 percent Assisted Living options with a total portfolio occupancy rate of 97 percent.
"We are delighted that we were able to partner with KAREA in order to negotiate a buyout and keep the Aston Gardens assets in our portfolio," added Thomas J. Harrison, CEO of Discovery. "These properties are located in attractive markets with favorable demographic trends, and are thus well positioned to be a continued great investment for us."
The Aston Gardens communities are located in residential settings surrounded by lakes, gardens and golf courses, and feature lush landscaping, beautiful walking paths, and gazebos. The facilities offer grand clubhouses with resort-style amenities, including full-service restaurants, heated pools, billiards rooms, salons, putting greens, and outdoor barbeque facilities. Residents also enjoy full service comforts including gourmet meals, scheduled transportation, weekly housekeeping, first-class concierge, wellness programs, and 24-hour access to a team of healthcare professionals. Additional activities include dancing in the grand ballrooms, guest lectures, and themed parties.