Foreign investors continue to flock to the United States in pursuit of core — and niche — assets.

Scion Student Communities, a joint venture between the C$328 billion (US$262 billion) Canada Pension Plan Investment Board, Singapore’s US$359 billion GIC and The Scion Group, has acquired a US student-housing portfolio for approximately US$1.1 billion. The 24 assets comprise 13,666 beds located across the United States in 20 university-campus markets. Of the 24 properties, 22 were purchased from affiliates of Harrison Street Real Estate Capital and represent roughly 12,000 beds in 18 states. The additional acquisitions reflect a recapitalisation of two communities previously owned by Scion-affiliated private syndications. The portfolio includes recently-developed grade A assets, primarily in Tier 1 university markets, as well as select value-added properties.

“This is a compelling investment opportunity to efficiently build further scale in the US student-housing