The Scion Group and an Ares Real Estate fund have 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 portfolio serves leading university markets across the United States, including those home to the University of Florida, Auburn University, the University of Notre Dame, The Ohio State University and James Madison University, and is consistent with both firms’ shared conviction in the long-term strength of the student housing sector.
The transaction marks Scion’s first investment alongside Ares. Walker Dunlop advised on the financing of the transaction, which was led by BMO.
Since 2016, Scion has deployed approx
