A joint venture between The Scion Group and Korea’s Hana Financial Group has acquired a four-property portfolio of high-end student housing communities totaling 3,275 bedrooms.
The properties are located in these 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.
“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 in a press release.
”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.
Scion and Hana were advised by Saker Capital and Admiralty Asset, respectively, in connection with the transaction.