The Scion Group and Ares Real Estate have partnered to buy a 2,316-bed student housing portfolio from SCHENK+ for $435m (€375.9m).
The four-property collection includes three communities developed by SCHENK+ alongside a fourth acquired and repositioned asset.
The four-community portfolio serves students at the University of Georgia, the University of Tennessee and Texas State University, where Scion already maintains an active operational footprint.
Robert Bronstein, CEO of The Scion Group, said: “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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