Kayne Anderson Real Estate Advisors and Discovery Management Group Acquire Florida Senior Housing Portfolio

BOCA RATON, Fla., Oct. 7, 2013 /PRNewswire/ -- 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 today 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.

For more information, visit http://www.kaynecapital.com/strategies/real-estate-private-equity/ or www.discoveryseniorliving.com.

About Kayne Anderson Real Estate Advisors
Kayne Anderson Real Estate Advisors is the private equity real estate arm of Kayne Anderson Capital Advisors, a $24 billion investment management firm with 30 years of successful experience in the energy, infrastructure, real estate, growth capital, middle market credit and distressed municipal sectors. KAREA currently has three funds, with commitments of more than $1.4 billion, investing in specialized niche real estate sectors. The company invests in existing properties on a direct basis and in developments on both a joint venture basis or on a forward take out basis. KAREA currently controls approximately 18,500 student housing beds, 1100 conventional multifamily units, 15,000 self-storage units, and almost 400,000 square feet of medical office space.  Over the past year, KAREA sold 23 of its assets, 20 of which were included in the largest private sale of a student housing portfolio in history.  For more information, visit http://www.kaynecapital.com/strategies/real-estate-private-equity.

About Discovery Senior Living
Discovery Senior Living, a family of companies founded by Thomas J. Harrison and Richard J. Hutchinson, includes Discovery Management Group, Discovery Village communities, Aston Gardens communities, Discovery Realty Group, and Discovery at Home, a Medicare-certified home healthcare company.  For more than 20 years, Discovery Senior Living has developed, built and operated upscale, luxury senior-living communities. The award-winning management group has a flourishing portfolio of more than 2,000 homes for seniors; caring for almost 2,500 residents and has become a recognized industry leader in the development, marketing and management of world-class resort-style communities. Discovery Senior Living is located at 3301 Bonita Beach Road, Suite 208, Bonita Springs, FL 34134. Online at www.discoveryseniorliving.com.

SOURCE Kayne Anderson Real Estate Advisors; Discovery Management Group

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