The Scion Group and PGIM Real Estate Form Joint Venture, Acquire Two U.S. Student Housing Properties
September 23 2021 - 9:55AM
Business Wire
The Scion Group and PGIM Real Estate, the real estate investment
and financing arm of Prudential Financial’s global asset management
business, announced today that their recently formed joint venture
has completed the acquisition of two Class A student housing
communities totaling 1,244 bedrooms. Both properties were delivered
in Fall 2020: “Verve” serving students at the main campus of
Rutgers University in New Brunswick, N.J.; and “Aero on 24th”
serving the University of Florida campus market in Gainesville,
Fla.
Scion and PGIM Real Estate indicated plans to expand their
partnership in the U.S. student housing sector. “We are very
excited about our new venture with PGIM Real Estate and the
opportunity to partner with another world-class institutional
investor,” said Robert Bronstein, president of Scion.
This transaction is strategic for Scion, enabling the company to
expand its existing presence in the University of Florida market
while also adding Rutgers to its portfolio. “The addition of these
newly developed, well-situated properties in highly sought-after
university markets expands our reach to a leading northeast US
campus market at Rutgers, and marks our fourth investment at the
University of Florida, further augmenting Scion’s leading industry
footprint,” said Avi Lewittes, Scion’s chief investment
officer.
“This transaction presented us with a compelling opportunity to
launch a new strategic partnership with a best-in-class operator in
the dynamic student housing sector through the acquisition of two
well-located properties at top-tier universities,” said Darin
Bright, managing director and senior portfolio manager for PGIM
Real Estate’s U.S. core-plus investment strategy. “The breadth,
depth and experience of the Scion platform – as well as the firm’s
robust data and analytics capabilities – are a perfect match for
PGIM Real Estate as we continue to grow our extensive joint venture
investment program and identify opportunities to capitalize on
strong fundamentals within the alternative property sectors.”
TSB Capital Partners provided advisory services to the sellers
in connection with the transaction.
About The Scion Group
Scion is the largest privately-held owner/operator of student
housing communities in the U.S. The company’s current portfolio
includes 86 owned and three additional managed properties,
comprising nearly 60,000 bedrooms situated in 58 top tier
university markets across 30 states. Scion has focused exclusively
on the student housing sector since its founding in 1999 and has
invested in over $6.5 billion of student housing projects. For more
information about Scion, please visit www.thesciongroup.com.
About PGIM Real Estate
As one of the largest real estate managers in the world with
$195 billion in gross assets under management and administration,1
PGIM Real Estate strives to deliver exceptional outcomes for
investors and borrowers through a range of real estate equity and
debt solutions across the risk-return spectrum. PGIM Real Estate is
a business of PGIM, the $1.5 trillion global asset management
business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution,
and extensive industry insights are backed by a 50-year legacy of
investing in commercial real estate, a 140-year history of real
estate financing,2 and the deep local expertise of professionals in
32 cities globally. Through its investment, financing, asset
management, and talent management approach, PGIM Real Estate
engages in practices that ignite positive environmental and social
impact, while pursuing activities that strengthen communities
around the world. For more information visit
pgimrealestate.com.
1 As of June 30, 2021, net AUM is $130 billion and AUA is $43
billion.
2 Includes legacy lending through PGIM’s parent company,
PFI.
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version on businesswire.com: https://www.businesswire.com/news/home/20210923005211/en/
Avi Lewittes Chief Investment Officer T: 312-896-7968
alewittes@thesciongroup.com
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