Ares, The Scion Group establish JV to acquire $910M student housing portfolio

The Scion Group and an Ares Real Estate fund announced the formation of a joint venture to invest in off-campus student housing in the United States, with a focus on high-quality assets in markets characterized by strong enrollment fundamentals and limited new supply. The joint venture has acquired a 12-property, 7,578-bed portfolio for approximately $910M from Harrison Street Asset Management, with Scion serving as operating partner. The portfolio serves leading university markets across the U.S., including those home to the University of Florida, Auburn University, the University of Notre Dame, The Ohio State University and James Madison University, and is consistent with both firms’ shared conviction in the long-term strength of the student housing sector.