BLOOMINGTON, IN. An affiliate of The Scion Group has acquired Bradford Place, a 528-bed student housing community serving Indiana University, in a joint venture with a private equity fund sponsored by Virtus Real Estate Capital. As part of a multi-year repositioning strategy, Scion and Virtus plan to invest over $1.5 million in upgrades to the property, which Scion will manage. This acquisition marks the fourth joint venture of Scion and Virtus for investment in student housing.
Developed in 2000 on a ten-acre parcel approximately two miles east of Indiana University’s main campus, Bradford Place is comprised of 16 three-story buildings containing 188 residential units in two- and three-bedroom configurations, plus a clubhouse facility. Amenities include a 24-hour fitness center, swimming pool with sundeck and spa, outdoor sports courts and tanning booths. The property is served by dedicated shuttle bus transportation to the Indiana University campus.
Virtus Real Estate Capital, based in Austin, Texas, is a real estate private equity sponsor focused on recession-resilient asset classes. Virtus’ various funds have acquired over $1.7 billion in assets since its inception in 2003.
Indiana University Bloomington, founded in 1820, is a public research university and the flagship campus of the Indiana University System. Well known for its education, business, music, law, computing and informatics, and public and environmental affairs programs, together with its Big Ten athletic programs, the University enrolls over 42,000 students and is consistently ranked among the nation’s and world’s top universities.
Additional information about Bradford Place is available at live-bradford.com.