Looking for the NMHC/InterFace Student Housing conference? Click here.

Scion Group Buys Seven Student Housing Communities from ACC for $175 Million

Chicago — The Scion Group has acquired seven student housing communities from American Campus Communities (ACC) in a transaction valued at approximately $175 million. 

The 5,096-bed portfolio includes properties serving students at James Madison University, the University of Florida, the University of Georgia and the University of Tennessee. Scion plans to reposition the properties through the investment of $16 million in upgrades across the portfolio, complemented by a rebranding program to highlight the physical improvements. Peter Katz of Institutional Property Advisors advised ACC on the transaction.

Scion’s portfolio now comprises nearly 24,000 beds, including more than 21,000 owned and operated beds at 21 campuses in 14 U.S. states. The properties include:

James Madison University:

The portfolio includes three communities located in Harrisonburg, Virginia, serving students at James Madison University, formerly called South View, Stone Gate and Campus Edge. Scion has rebranded the three communities under a new unified brand, The Hills of Harrisonburg.

University of Florida:

The acquisition includes a 1,044-bed community in Gainesville, serving students at the University of Florida. Formerly called The Estates, the property is situated less than a mile from the center of campus and adjacent to several other student housing communities. Scion is planning comprehensive apartment and common-area upgrades and is rebranding the community as West 20. 

University of Georgia:

The portfolio includes two communities in Athens, serving students at the University of Georgia. Formerly called Lakeside and The Club, Scion will invest in interior and exterior improvements and is rebranding the communities together as The Park at Athens.

University of Tennessee: 

The acquisition includes a community in Knoxville serving students at the University of Tennessee. The former University Heights has views of both the university and downtown Knoxville, and Scion intends to upgrade and rebrand as The Heights of Knoxville.  

Tagged under