US: Private equity real estate investment firm Muinzer has recapitalised two PBSA assets, The Heights of Knoxville and University Park, near the University of Tennessee in Knoxville.
The portfolio recapitalisation totals 1,356 student housing beds that are 100 per cent occupied. The transaction was arranged by Scott Clifton, Kevin Kazlow and Teddy Leatherman of JLL.
Muinzer originally acquired The Heights of Knoxville and University Park alongside T2 Capital Management in 2021. The recapitalisation brings Muinzer’s total transaction volume to more than US$500 million in the preceding 12 months.
“Our 23-year track record of successfully acquiring and operating student housing assets continues to drive strong interest from investors,” said Marc Muinzer, founder and CEO. “Looking ahead, our expanded institutional capabilities provide us with a significant runway to continue acquiring student housing assets near the largest and fastest-growing universities.”
For this transaction, Muinzer partnered with Kayne Anderson Real Estate, a leading real estate investment firm with sector expertise in student housing, medical office, seniors housing, and multifamily housing. Since its inception in 2007, Kayne Anderson Real Estate has developed or acquired more than 115 student housing assets totalling nearly 75,000 beds.
“We have high conviction in the Knoxville market,” said Ken Carl, senior managing director and head of student and multifamily housing at Kayne Anderson Real Estate. “We are excited to partner with Muinzer on these two great assets.”
Muinzer began investing in student housing in 2002 and is one of the largest owners and operators in the Big Ten and SEC Conferences. “Capital partners continue to be drawn to sponsors with a proven track record and top-performing assets,” said Michael Snyder, COO of Muinzer. “We have long-term conviction in student housing and are actively deploying capital towards our goal of acquiring an additional $2 billion of student housing communities near high-growth universities.”
