Student housing operator partners with foreign investor for portfolio

The Scion Group and South Korea–based Hana Financial Group have formed a joint venture to acquire a four-property portfolio of high-end student housing communities totaling 3,275 bedrooms. The properties are located in these leading university markets: University of Florida in Gainesville, Fla.; Colorado State University in Fort Collins, Colo.; Texas Tech University in Lubbock, Texas; and University of Mississippi in Oxford, Miss.

“Hana is excited to have had the opportunity to further our reach through the joint venture with Scion; we will further strengthen our position as a global financial group by expanding our network through these strategic deals,” said Kim Hee Seok, CEO of Hana Alternative Asset Management. “With the latest transaction, Hana will establish a close relationship with Scion and boost further investment in student housing assets where institutional investors are increasingly showing an appetite.”

The transaction represents the first investment completed by a recently formed joint venture between affiliates of both Scion and Hana. The portfolio was acquired from entities controlled by Kayne Anderson Real Estate.

The acquisition increases The Scion Group’s assets to 86 communities with more than 58,200 bedrooms.