Indianapolis — Scion Group and Arch Street Capital Advisors acquire two properties.
Indianapolis — Holliday Fengolio Fowler (HFF) announced today that it has secured acquisition financing totaling $52 million on behalf of The Scion Group and Arch Street Capital Advisors. The acquired properties were The Retreat at Denton and The Retreat at Lubbock, which are Class A, cottage-style student housing communities serving the University of North Texas in Denton and Texas Tech University in Lubbock. Upon acquisition, The Scion Group rebranded the properties to The Republic at Denton and The Republic at Lubbock.
Completed in fall 2011, The Republic at Denton has 125 units with 492 beds that are 97 percent occupied. Community amenities include a clubhouse, saltwater pool, outdoor volleyball court, theater and gaming room, horseshoe pit, basketball court, fitness center, barbecue grills, tanning beds, poker room, music studio and clubroom with foosball and pool tables. The property is about 1 mile south of The University of North Texas campus.
The Republic at Lubbock has 218 units with 853 beds in two-, three-, four- and five-bedroom layouts. The 98-percent-leased property opened in fall 2011 and offers residents a clubhouse, fitness center, pool, volleyball court, poker room, movie theatre, golf simulator, horseshoe pit, putting green, basketball court, tanning beds, and a pet-friendly community. The property is about one mile northwest of the Texas Tech campus.