A New York investment firm has acquired the Cottages of Baton Rouge, a 392-unit student housing complex on Ben Hur Road, from Capstone Properties, of Birmingham, Ala.

Kayne Anderson Real Estate Advisors, the private equity real estate arm of Kayne Anderson Capital Advisors, did not disclose the purchase price.

Capstone Properties built the complex, whose units range from one to five bedrooms.

The first phase of the property, which lies about two miles from LSU, opened in August 2010 and the second a year later, according to the company’s website.

Capstone also developed the Fieldhouse, the Quarters and University Commons in Baton Rouge.

In a news release, Kayne Anderson described the Cottages as the largest and most compelling asset in the Baton Rouge market. The Cottages’ amenities include a clubhouse, fitness and business centers, a resort-style pool, sauna and steam rooms, tennis, bocce ball and volleyball courts and a yoga/Pilates studio.

Olivia Offner, a spokeswoman for Kayne Anderson, said the Cottages weren’t on the market, but Timothy Bradley of TSB Capital brought Kayne Anderson Real Estate Advisors and Capstone together.

Bradley knew the two firms would make strong strategic partners, Offner said. Including the Cottages, Kayne Anderson and Capstone have done five deals together so far. Kayne Anderson Real Estate Advisors’ student housing portfolio now contains 5,371 units with 15,816 bedrooms. The portfolio also includes 571 apartments and 15,095 self-storage units.