The Scion Group, a Chicago-based owner and operator of student housing communities, has partnered with funds managed by Ares Real Estate to acquire four communities totaling 2,316 beds.
The transaction, which is valued at over $400 million transaction, adds communities serving Texas State University, the University of Georgia and the University of Tennessee to the company’s portfolio.
This is Scion’s second portfolio acquisition with Ares this year and builds on the company’s existing presence in all three university markets. The communities were developed by affiliates of SCHENK+, which were the sellers in the deal, are natural additions to Scion’s national portfolio.
“Jared Schenk is one of the true pioneers of off-campus student housing, and he has built an incredible portfolio of high-quality communities,” said Robert Bronstein, CEO of The Scion Group. “This transaction provides a comprehensive exit for him and his investors. Scion is pleased to add another successful portfolio execution to our track record, and we are even more excited to welcome these communities to our portfolio.”
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