The Scion Group and Ares Establish Joint Venture to Acquire $910 Million U.S. Student Housing Portfolio
The Scion Group ("Scion") and an Ares Real Estate fund ("Ares") today announced the formation of a joint venture to invest in off-campus student housing in the United States, with a focus on high-quality assets in markets characterized by strong enrollment fundamentals and limited new supply. The joint venture has acquired a 12-property, 7,578-bed portfolio for approximately $910 million from Harrison Street Asset Management, with Scion serving as operating partner.
The Scion Group and PGIM Real Estate Form Joint Venture, Acquire Two U.S. Student Housing Properties
The Scion Group and PGIM Real Estate, the real estate investment and financing arm of Prudential Financial’s global asset management business, announced today that their recently formed joint venture has completed the acquisition of two Class A student housing communities totaling 1,244 bedrooms. Both properties were delivered in Fall 2020: “Verve” serving students at the main campus of Rutgers University in New Brunswick, N.J.; and “Aero on 24th” serving the University of Florida campus market in Gainesville, Fla.
