The Scion Group has acquired a portfolio consisting of 14 student housing assets for $893 million along with unnamed institutional investors.
The assets are scattered across 11 states and near 13 universities including Texas A&M, the University of Missouri, and the University of Arkansas. In total, the portfolio includes 8,724 beds.
Harrison Street was the seller of the portfolio.
“Investors are increasingly seeking access to the alternative real estate sectors given strong fundamentals and demonstrated performance across varying market environments,” Christopher Merrill, co-founder, chairman, and CEO of Harrison, said in a statement.
“The complexity of this portfolio disposition demonstrates not only the heightened demand for student housing but also our extensive experience of acquiring/developing individual assets at leading universities, enhancing operational performance, and executing on portfolio sales at scale.”
Ben Mohns, head of the firm’s asset management in North America said that Harrison is seeing “growing interest” in alternative real estate. The company is on track to close $4 billion in dispositions through nine district funds and more than 80 properties, which range across various asset classes from student housing to storage, according to Mohns.
Through Europe and North America, Harrison has poured more than $22 billion into 410 properties, consisting of over 222,000 beds.
A recent report from RealPage revealed that 14 universities outperformed the national average for preleasing between Fall 2020 and Fall 2024.
These schools are typically 100 percent leased by August and have higher rents than the national average. The top-performing schools in order include Appalachian State University in Boone, North Carolina, Brigham Young University in Provo, Utah, and Clemson University in Clemson, South Carolina.