Taurus and Kayne Anderson Real Estate Form Joint Venture to Acquire 1,020-Unit Multifamily Property Situated in Boston’s Metro West

Tailored program will implement a range of tenant-driven social activations and aim to significantly reduce energy consumption at the property by 45-50%, improving housing affordability through reduced monthly utility bills

BOSTON, April 05, 2022 (GLOBE NEWSWIRE) -- Taurus Investment Holdings (“Taurus”), a global private equity real estate firm operating for over 45 years with experience in multifamily, office, logistics, mixed-use and renewable energy sectors, and Kayne Anderson Real Estate (“KA Real Estate”), the real estate private equity arm of Kayne Anderson Capital Advisors, L.P., announced today the formation of a joint venture to acquire Halstead Framingham, a 1974 vintage, 1,020-unit apartment community located in Framingham, Massachusetts. Following the transaction, the property will be renamed The Green at 9 & 90 (“The Green”).

The joint venture plans to commit significant capital to transition The Green to a low-carbon, energy-efficient multifamily community. In addition to the sustainability-focused retrofit, the joint venture plans to implement a range of tenant-driven social activations such as rent reporting to help tenants build credit through on-time rent payments and prioritization of partnering with diverse-owned businesses vendors.

Both Taurus and KA Real Estate maintain a successful track record and forward-thinking approach to real estate and are committed to prioritizing and incorporating environmental, social and governance ("ESG") standards into their businesses. Taurus’s energy-focused retrofit subsidiary, RENU Communities, will implement a tailored program to reduce greenhouse gas emissions across the entire property by 50% while significantly boosting energy efficiency by upgrading the property’s HVAC systems, adding rooftop solar PV and a property-wide energy management system. KA Real Estate will invest in The Green through its KA Multifamily Impact strategy, which is an extension of both the firm's leading ESG initiatives and strategic multifamily investments.

“This is an exciting opportunity to partner with a like-minded team and leverage our expertise in investing, enhancing and operating high-quality multifamily properties,” said David Selznick, Chief Investment Officer, KA Real Estate. “ESG is a guiding principle of how we operate at Kayne Anderson, and this partnership builds on our commitment to invest in assets that prioritize increasing sustainability, rent attainability and positive social impact in local communities.”

“Taurus has a longstanding commitment to creating environmentally conscious properties. As the demand for building decarbonization continues to rise, The Green is an excellent fit for RENU’s retrofit program. We are thrilled to partner with KA Real Estate to enhance the property’s energy profile and social impact potential,” said Peter A. Merrigan, CEO of Taurus Investment Holdings. “We are thankful for all our partners’ support and look forward to improving our residents’ quality of life, while also maximizing value for our investors.”

RENU Communities works to link traditional real estate investment with the growing desire for electrification and decarbonization. RENU provides turnkey, energy-efficient retrofits of existing real estate assets with a focus on renewable energy and reducing carbon footprints with the additional goal of generating Net Operating Income (NOI) improvement and creating value for investors.

“Given that the electric provider for The Green and State of Massachusetts have set high standards for meeting climate change goals and are offering a variety of financial incentives, we believe The Green has numerous opportunities for water and energy upgrades as well as great opportunities for renewable energy onsite,” said Christopher Gray, PhD., Chief Technology Officer of RENU Communities.

The Green, currently 98% occupied, is ideally situated in the heart of Boston’s Metro West office and lab market, with over 700,000 suburban job and employers that include TJX, Raytheon, Bose, Staples and MathWorks, among others. Tenants benefit from an extensive, recently updated amenity package that includes an expansive fitness center with simulation surfing options, resident lounge with numerous shared workspaces, pool, pickleball court and multiple grilling areas.

“We are delighted to see KA Real Estate and Taurus partner on this iconic asset,” said Yan Ling, Managing Director of Evercore Real Estate Capital Advisory. “Their investment in environmental and social improvements will elevate the property to a new era and bring lasting benefits to the residents, local community and climate.”

Evercore Real Estate Capital Advisory served as exclusive capital advisor to Taurus on the transaction.

About Kayne Anderson Real Estate
Kayne Anderson Real Estate (“KA Real Estate”) is a leading real estate private equity investor in medical office, seniors housing, off-campus student housing, multifamily housing and self-storage. KA Real Estate manages $14 billion of real estate AUM (as of 1/31/22) across opportunistic equity, core equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $32 billion alternative investment management firm (AUM as of 1/31/22) with more than 37 years of successful experience in the real estate, renewable and energy infrastructure, energy, credit, and growth capital sectors. For more information, visit https://kaynecapital.com/real-estate/.

About Taurus Investment Holdings, LLC
Established in 1976, Taurus is a global real estate private equity firm with over 45 years of experience as a general partner, investor, and operator. By empowering and combining the strength of in-house experts in the fields of multifamily, office, logistics, mixed-use, and renewable energy, the firm has created targeted, scalable investments into value-add, core-plus, and development opportunities.

Taurus is focused on using innovative energy efficient technologies to make the extensive infrastructure investments required to decarbonize residential and commercial buildings through its EcoSmart Solution and RENU Communities affiliates.

Throughout North America and Europe, Taurus is consistently recognized as one of the premier owners of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and developed more than 65 million square feet of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $9.25 billion. www.tiholdings.com.

About RENU Communities
Established in 2019 as a subsidiary of Taurus, RENU Communities is leading the transition to a carbon neutral built environment by linking traditional value-add real estate investment with the market’s growing desire for electrification and decarbonization.

RENU aims to eliminate the carbon associated with a building’s energy consumption. RENU combines best-in-class technology and real estate expertise to overhaul existing properties and transform dated buildings into high-value, reduced-carbon assets. Program elements incorporate comprehensive retrofits, wholesale equipment upgrades, and onsite energy generation to create a customized, energy efficient and lower carbon ecosystem. RENU’s innovative solutions improve property values, decrease utility and maintenance costs, and achieve verified carbon reduction at no additional expense to owners, management, or tenants. https://renucommunities.com

About Evercore Real Estate Capital Advisory
Evercore (NYSE: EVR) is a premier independent investment banking advisory firm with 1,800 employees and a global presence in the Americas, Europe and Asia. Within Evercore, Real Estate Capital Advisory (RECA) is an integrated real estate platform which provides a broad range of advisory services to real estate sponsors and limited partners. RECA raises capital from institutional investors and provides strategic advisory for a variety of private real estate vehicles, including commingled funds, joint ventures and separate accounts, focused on a wide range of sectors, geographies and risk/return profiles. RECA has longstanding relationships with over 3,000 institutional investors globally and has successfully advised first time real estate sponsors on entering the market and existing sponsors on new product offerings and on diversifying their capital base. In addition to raising capital for private real estate vehicles, RECA develops bespoke advisory solutions for real estate sponsors through private M&A transactions, recapitalizations, asset-spin-outs and restructurings.




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