Scion, Ares Launch $910M Student Housing JV
The Scion Group and an Ares Real Estate fund have launched a joint venture targeting U.S. off-campus student housing, anchoring the partnership with a $910 million acquisition of a 12-property portfolio from Harrison Street Asset Management that spans some of the country’s most prominent university markets.
The portfolio comprises 7,578 beds across markets tied to the University of Florida, Auburn University, the University of Notre Dame, Ohio State University, and James Madison University. Scion will serve as operating partner for the venture—its first with Ares.
The acquisition pushes Scion’s owned portfolio past 105,000 beds nationwide, a threshold the Chicago-based firm says makes it the world’s largest owner of student housing. The company has deployed roughly $10.2 billion in capital since 2016, including $3.4 billion over the past two years alone.
“This sector continues to demonstrate resilient demand characteristics,” said Scion CEO Robert Bronstein.
Andrew Holm, head of U.S. diversified equity for Ares Real Estate, said the transaction reflects the firm’s emphasis on large-scale acquisitions backed by experienced operating platforms.
The deal arrives amid a broader institutional surge into student housing. Just one week prior, Core Spaces closed its latest flagship fund with approximately $1.64 billion in commitments targeting major U.S. university markets. Pension systems including the Kern County Employees’ Retirement Association and the San Antonio Fire & Police Pension Fund have also allocated to strategies focused on the sector.
Harrison Street, which has invested more than $24 billion across 431 student housing properties since inception, has now sold 252 such properties for approximately $11 billion.
Scion said it expects continued expansion alongside institutional capital partners as demand for professionally managed off-campus housing remains strong.
Walker & Dunlop advised on the financing of the transaction, which was led by BMO.
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