CHICAGO—Another year, another large-scale student housing acquisition by a joint venture including the Scion Group LLC, Canada Pension Plan Investment Board and GIC. Two years almost to the day after forming, Scion Student Communities LP said Wednesday it had acquired a 13,666-bed portfolio, consisting primarily of properties owned by five different funds of Harrison Street Real Estate Capital, for approximately $1.1 billion. The JV's latest deal also includes the recapitalization of two communities previously owned by Scion-affiliated private syndications.

It was with the $1.4-bilion acquisition of the University House Communities Group portfolio from InvenTrust Properties Corp. that the JV launched on Jan. 4, 2016. In March of 2017, Harrison Street was among the sellers when Scion Student Communities simultaneously announced three portfolio deals totaling $1.6 billion, including a $550-million recap of 12 legacy Scion Group-owned assets.

Including the newest acquisitions, the JV's portfolio now includes 46,555 beds across 73 student housing communities in 52 leading university markets. CPPIB and GIC each own 45%, with Scion owning the remaining 10% and also managing the properties. The acquisition announced Wednesday expands the JV's presence in six markets where it already has a presence, observes Scion president Robert Bronstein.