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Student Housing Daily - May 26, 2026 - Kayne Anderson closes $5.12B fund

Student Housing Daily - May 26, 2026 - Kayne Anderson closes $5.12B fund

Coastal Ridge acquires 398-bed community. Aptitude advances $70M project. UCSB receives green light for housing expansion. Fall 2026 pre-leasing reaches nearly 70%. Four new student housing deals.

Aid Sopjani & Matt H
May 26, 2026

Good morning. Welcome to Student Housing Daily! In each issue, we cover the top stories, trends, and listings in student housing.

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NEWS ROUNDUP

FUNDRAISING: Kayne Anderson closes $5.12 billion fund. Kayne Anderson Real Estate has closed Kayne Anderson Real Estate Partners VII with $5.12 billion in capital commitments, making it the largest opportunistic equity fund in the firm’s history and well above its original $3 billion target. The fund will continue the firm’s strategy of investing in sectors where it believes specialized operating expertise and deep industry relationships create an edge, including medical office, seniors housing, student housing, and light industrial. CEO Al Rabil said the raise reflects investor confidence in the platform and the firm’s focus on mission-critical alternative sectors, while CIO David Selznick said current market conditions are creating attractive opportunities to acquire and develop high-quality assets at compelling basis levels.

ACQUISITION: Coastal Ridge acquires 398-bed community in Kentucky. TSB Realty has completed the sale of Campus Court, a 238-unit, 398-bed student housing property near the University of Kentucky in Lexington, to Coastal Ridge Real Estate. The acquisition marks the fourth asset for Coastal Ridge Value-Add Student Housing Fund, LP, the firm’s first institutional commingled fund. TSB Capital Advisors also arranged acquisition financing through J.P. Morgan’s Real Estate Banking. Tyler Martin of TSB said the property adds another strong SEC-market asset to Coastal Ridge’s portfolio, while Rick Travis of Coastal Ridge said the deal fits the firm’s strategy of buying near flagship state universities with growing enrollment at an attractive basis.

DEVELOPMENT: Aptitude Development advances $70 million project in New York. Construction is moving forward on a $70 million student housing development just north of Binghamton University in Vestal. Developed by Aptitude Development, the five-story project will include nearly 200 units totaling 516 beds and is expected to be completed in fall 2027. The site, located on Vestal Parkway at Bunn Hill Road, was previously home to a Quality Inn hotel and Fuji San Japanese restaurant, and Aptitude acquired the five-acre property last June for $10 million.

DEVELOPMENT: California commission clears UCSB for student housing expansion. The California Coastal Commission has approved UC Santa Barbara’s plans to move forward with a major East Campus housing project that will replace the 412-bed Santa Rosa Residential Hall with four new buildings totaling 1,688 beds. The approval also allows the university to exceed the standard 65-foot height limit for two of the buildings and proceed without building on-site car parking, instead relying on existing lots while adding 1,688 bicycle parking spaces. Construction is expected to begin in June and take about two years.

READ: Fall 2026 pre-leasing reaches nearly 70%.