Scion Group Adds to its Student Housing Portfolio with Buys Totaling $100M
- Feb 13, 2015
The Scion Group recently announced the acquisition of three student housing communities from three separate sellers, in a transaction which exceeded $100 million in value. One of the communities is located in Baton Rouge.
University Edge is a 472-bed community, serving Louisiana State University. Its location, at 650 W. McKinley Street, puts it just steps from the LSU’s new Water Research Campus. The apartment community was completed in 2013. It offers a mix of 147 two-, three- and four bedroom apartments. Amenities include vaulted ceilings, hardwood-style floors, a fitness center and study, gaming and lounge areas. According to the property’s website, rents are $729 per month for a two-bedroom unit, $639 for a three-bedroom unit, and $599 for a four-bedroom unit.
Scion purchased University Edge from its developer, Hallmark Student Housing Baton Rouge. The Greater Baton Rouge Business Report said that the purchase price of the two-year apartment community was $32.5 million. The new owner plans to rebrand University Edge this fall.
The two other communities acquired by Scion are the 1,209-bed Woodlands of Columbia, in Columbia, serving the University of South Carolina, and the 612-bed Avenue East, in Stillwater, serving Oklahoma State University. With these three acquisitions, Illinois-based Scion’s portfolio now consists of more than 18,000 beds, including 16,250 owned and operated beds at 18 campuses in 12 states, plus nearly 1,800 on-campus managed beds at UNLV.
Photo credit: live-theedge.com