Harrison Street has sold a portfolio of 14 student housing assets to The Scion Group and an unnamed institutional investor for $893m (€827m).
The alternative real assets investment manager said the portfolio, amassed over the last decade through eight of its funds, comprises 8,724 student housing beds across 13 universities in 11 US states, including at the University of Arkansas, Texas A&M and the University of Missouri.
Christopher Merrill, co-founder, chairman and CEO of Harrison Street, said: “The complexity of this portfolio disposition demonstrates not only the heightened demand for student housing but also our extensive experience of acquiring/developing individual assets at leading universities, enhancing operational performance, and executing on portfolio sales at scale.
“Harrison Street remains poised to capitalise on the growing demand for alternative real estate and deliver exceptional value to our investors.”
Ben Mohns, head of asset management – North America, said: “We continue to see growing interest in alternative real estate and are on pace to close over $4bn of dispositions this year from 9 distinct funds and over 80 assets across our student, senior, healthcare, storage, digital and infrastructure verticals.”
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