Chicago — A joint venture between The Scion Group and Hana Financial Group has acquired a four-property student housing portfolio totaling 3,275 beds. Acquisitions include:
- Cottages of Fort Collins, serving students at Colorado State University
- Cottages of Lubbock, located near Texas Tech University
- The 9 at Gainesville, serving students at the University of Florida
- Archive Oxford, located near the University of Mississippi
This transaction marks the first investment completed by the recently formed joint venture. The portfolio was acquired from entities controlled by Kayne Anderson Real Estate for an undisclosed price. Scion and Hana were advised by Saker Capital and Admiralty Asset, respectively, in connection with the transaction.
“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,” says Rob Bronstein, president of the Chicago-based company. “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.”