CHICAGO, IL - The Scion Group and Hana Financial Group announced that their joint venture recently completed the acquisition of a four-property portfolio of high-end student housing communities totaling 3,275 bedrooms. The properties are located in these leading university markets: University of Florida in Gainesville, FL; Colorado State University in Fort Collins, CO; Texas Tech University in Lubbock, TX; and University of Mississippi, in Oxford, MS.
The transaction represents the first investment completed by a recently formed joint venture between affiliates of both Scion and Hana. The portfolio was acquired from entities controlled by Kayne Anderson Real Estate.
“This transaction is particularly strategic for Scion, enabling us to expand our existing presence in the University of Florida and Texas Tech markets, while also providing an opportunity to invest in the Colorado State and ‘Ole Miss’ markets, each of which are markets we have targeted for entry,” said Rob Bronstein, President of Scion. “We are excited about the opportunity to partner with Hana on this transaction and appreciate its team’s confidence in Scion’s established operating platform.”
“The addition of these four newly developed, well-situated Class A properties in highly sought-after markets expands our national portfolio to 86 communities with more than 58,200 bedrooms, further augmenting Scion’s leading industry footprint,” noted Avi Lewittes, Scion’s Chief Investment Officer.
"Hana is excited to have had the opportunity to further our reach through the joint venture with Scion, we will further strengthen our position as a global financial group by expanding our network through these strategic deals." said Kim Hee Seok, CEO of Hana Alternative Asset Management. “With the latest transaction, Hana will establish a close relationship with Scion and boost further investment in student housing assets where institutional investors are increasingly showing an appetite.”
Scion and Hana were advised by Saker Capital and Admiralty Asset, respectively, in connection with the transaction.
Source: The Scion Group