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Scion and Ares buy 2,316-bed student housing portfolio for $435M
The four-community portfolio spans Texas, Tennessee, and Georgia, covering properties tied to the University of Georgia, University of Tennessee, and Texas State University.
Scion Group and Ares Management have purchased a four-community student housing portfolio in Texas, Tennessee, and Georgia for approximately $435 million, according to Commercial Observer. The deal includes 2,316 beds and was acquired from Schenk+, an off-campus student housing developer led by Jared Schenk.
Commercial Observer reports that three of the communities were developed by Schenk+, while the fourth was acquired and repositioned by Schenk+. The portfolio includes properties at the University of Georgia in Athens, the University of Tennessee in Knoxville, and Texas State University in San Marcos.
In a statement, Scion CEO Robert Bronstein said the transaction provides a comprehensive exit for Schenk+ and its investors, while Scion expects to add another executed portfolio to its track record. The announcement also said Inland Real Estate Investment’s Nati Kiferbaum represented Schenk+ in the transaction.
The news arrives about three months after Scion and Ares completed a separate student housing portfolio purchase for $910 million, Commercial Observer noted. That prior deal involved a 12-property portfolio with 7,578 beds across 10 states and 12 universities.