CHICAGO, IL. An affiliate of The Scion Group, in a joint venture with private equity funds sponsored by Virtus Real Estate Capital, has acquired three properties totaling 2,360 beds in 628 apartment units. The $118 million portfolio, purchased from American Campus Communities, includes: The Village at Blacksburg, a 1,056-bed community serving Virginia Tech; State College Park, a 752-bed property serving Penn State University; and University Pines, a 552-bed community serving Georgia Southern University. Scion will manage the venture and the properties, marking eight student communities now owned by Scion-Virtus joint ventures. The partners plan to invest over $6 million in upgrades across the portfolio.
“We are pleased to partner with Virtus in this highly strategic acquisition in three leading university markets,” said Robert Bronstein, President of The Scion Group. “This transaction underscores our vibrant partnership and the key role Virtus has continued to play in the ongoing expansion of our business.” Terrell Gates, CEO of Virtus Real Estate Capital, added: “Scion has proven to be a trusted and successful operating partner for us as we continue to grow our student housing portfolio. We welcome the opportunity to invest again with Scion and its focused and dedicated team of student housing specialists.”
The Village at Blacksburg, located approximately three-fourths of a mile north of the Virginia Tech campus in Blacksburg, Virginia, is a full-featured community of two- and four-bedroom apartments. The most feature-rich and best located purpose-built community in the market, The Village at Blacksburg is within walking and biking distance to Virginia Tech and is served by multiple direct campus bus lines. Scion plans significant upgrades to interiors, grounds and amenities. Virginia Polytechnic Institute and State University, commonly known as Virginia Tech, was founded in 1872 and is Virginia’s leading research institution. Virginia Tech enrolls over 31,000 full-time students, including nearly 29,000 at its 2,600-acre main campus in Blacksburg. Additional information is available at live-thevillage.com.
State College Park, located three-fourths of a mile west of the Penn State University campus in State College, Pennsylvania, is a feature-rich community of two- and four-bedroom apartments in a rolling, park-like setting. Of the many large, purpose-built garden style communities serving Penn State, State College Park is the closest to campus, within walking and biking distance and served by three shuttle bus lines direct to campus. Scion plans significant upgrades to interiors, amenities and grounds. The Pennsylvania State University was chartered in 1855 and remains Pennsylvania’s only land-grant university; it has the largest enrollment in Pennsylvania and one of the largest in the United States, with over 45,000 students at its 5,400-acre University Park flagship campus in State College. Additional information is available at live-thepark.com.
The former University Pines is located directly across the street from Georgia Southern University in Statesboro, Georgia and is immediately adjacent to a 564-bed student community already owned by a Scion-Virtus joint venture. The two communities will be managed together as “Cambridge @ Southern,” providing the best location and greatest variety of unit and lifestyle options in the market. The properties are served by frequent campus shuttle buses and are within walking distance to classes, the campus rec center and the newly expanded Paulson football stadium. Georgia Southern University, founded in 1906, is a rapidly growing member of the University System of Georgia. Its 900-acre campus in Statesboro now enrolls over 20,000 students — an increase of over 20 percent in the past five years — with plans for continued growth, including joining the NCAA FBS (Division I-A) as a member of the Sun Belt Conference in 2014. Additional information is available at cambridge-southern.com.