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Scion Group, PGIM Real Estate JV on Student Housing
Chicago-based student housing owner/operator The Scion Group and PGIM Real Estate, the real estate investment and financing arm of Prudential Financial’s global asset management business, said their recently formed joint venture has completed the acquisition of two Class A student housing communities totaling 1,244 bedrooms. Terms of the transactions weren’t disclosed.
Both properties were delivered in Fall 2020: “Verve” serving students at the main campus of Rutgers University in New Brunswick, N.J.; and “Aero on 24th” serving the University of Florida campus market in Gainesville, FL.
This transaction is strategic for Scion, enabling the company to expand its existing presence in the University of Florida market while also adding Rutgers to its portfolio. Scion owns three other properties serving the University of Florida.
TSB Capital Partners provided advisory services to the sellers in connection with the transaction.
Both Scion and PGIMN Real Estate said they planned to expand the partnership.
- ◦Sale/Acquisition
