Harrison Street Divests $1.9B of Student Housing Properties
A week after acquiring a self-storage portfolio across six states, Chicago-based Harrison Street was a seller, trading a total of 37 student housing properties for a combined $1.9 billion. The buyers were UK-based Global Student Accommodation (GSA) and a joint venture affiliated with the Chicago-based Scion Group. Deal terms weren’t disclosed.
GSA acquired 12 properties and 8,182 beds across 12 universities. The Scion venture bought 25 properties and 15,817 beds across 19 universities.
Christopher Merrill, Harrison Street’s co-founder, chairman and CEO, said, “The two large-scale transactions reflect Harrison Street’s longstanding strategy of acquiring or developing individual assets at leading universities, executing on defined business plans, and exiting via strategic portfolio sales. GSA and Scion are among the world’s most sophisticated and well-respected real estate investors and operators, and these dispositions are emblematic of our strong student housing track record and ability to create value for our investors and partners.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).