Chicago’s Scion Group has acquired seven student-housing communities from American Campus Communities in a transaction valued at about $175 million.
The 5,096-bed portfolio includes properties serving students at the University of Tennessee, James Madison University, the University of Florida and the University of Georgia.
Scion completed the transaction in a joint venture with a private investment firm. The partners plan to reposition the properties through the investment of $16 million in upgrades across the portfolio.
Scion is now the largest non-public owner/operator of off-campus purpose-built student housing communities in the United States. It is also the fourth-largest owner of student housing overall, with a portfolio that includes nearly 24,000 beds in 14 states.