CENTRAL, SC. An affiliate of The Scion Group, in partnership with a private equity fund managed by Real Estate Capital Partners, has acquired “The Reserve at Clemson,” a 177-unit student housing community serving Clemson University.
Built in 1999 and currently 97% occupied, the property is located approximately two miles northeast of the campus of Clemson University, with on-site service by the “CAT” bus to the University campus. The Reserve at Clemson features 590 bedrooms in two-bedroom and four-bedroom apartments, plus a clubhouse complex featuring two swimming pools, a fitness center and extensive lounge and gaming space. Apartments are furnished, with full kitchens plus in-unit laundry. Scion acquired the property from Education Realty Trust.
This acquisition marks Scion’s second transaction with Real Estate Capital Partners, both in South Carolina. In December 2009, the firms partnered to acquire “Riverside,” serving the University of South Carolina. The purchase of The Reserve at Clemson is also Scion’s third student housing acquisition within the past year in the Southeastern United States, totaling $52 million and over 1,850 beds, including its March 2010 acquisition of “Cambridge at Southern” serving Georgia Southern University.
Clemson University is one of South Carolina’s top public universities, enrolling over 18,000 students. The town of Central, South Carolina is located immediately adjacent to Clemson and is also home to Southern Wesleyan University, with nearly 2,500 students. Real Estate Capital Partners seeks to create superior risk-adjusted returns and has invested approximately $8 billion in U.S. real estate on behalf of high net worth families and institutions, including multifamily, office, industrial, retail and mixed-use properties.
Additional information about the property is available at ReserveAtClemson.com.