ATHENS, GA. An affiliate of The Scion Group, in partnership with a real estate investment trust managed by Behringer Harvard, has acquired two student housing communities serving the University of Georgia, totaling 1,128 beds, now co-branded as “River Club.” The partnership acquired the properties from American Campus Communities.
River Club Apartments includes 265 units in a mix of 2, 3 and 4-bedroom apartments with all private bathrooms; the community is set on 93 acres along the Oconee River, approximately 2.5 miles from the University of Georgia, and features a two-story clubhouse with fitness center, pool, multiple sport courts and front-door bus service to campus. The second property, River Walk Townhomes, will now be known as The Townhomes at River Club; it sits on 32 acres of rolling hills also alongside the Oconee River and includes 100 units of two-story 3- and 4-bedroom townhomes with all-private baths and additional amenities.
Scion will manage the properties. Through 2012, the joint venture will invest over $2 million in improvements to upgrade apartment interiors with new flooring, lighting, furniture and appliances, repositioning the properties up-market in following a business model successfully executed by Scion at multiple other college campuses.
Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures. Behringer Harvard has interests in or manages more than $11 billion in assets. Behringer Harvard Opportunity REIT II, Inc., which made the investment in the joint venture with Scion, is a publicly registered non-listed real estate investment trust created to make opportunistic investments generally in commercial properties identified as having significant potential for value creation.
The University of Georgia, founded in 1785, is America’s first state-chartered university. In enrolls approximately 34,000 students in over 80 degree programs at its 615-acre main campus in Athens.
Additional information about the property is available at RiverClubAthens.com.