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Harrison Street Divests $1B Student Housing Portfolio to Scion
Chicago-based Harrison Street Real Estate Capital sold a 22-property student housing portfolio to Scion Student Communities LP, a joint venture formed by The Scion Group, GIC and Canada Pension Plan Investment Board (CPPIB), for roughly $1 billion. The highly complex portfolio transaction comprises approximately 12,000 beds across 18 states and involves 20 leading national universities.
Harrison Street’s Christopher Merrill says “This portfolio demonstrates our longstanding strategy of acquiring single assets or development opportunities with substantial value-add potential in or near large, leading universities, making key improvements to increase tenancy, and attracting world-class partners.”
The properties were owned by five different Harrison Street funds in conjunction with multiple operating partners. Marcus & Millichap IPA Student Housing Division’s Peter Katz provided strategic consulting to Harrison Street on the transaction.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition