Friday, July 19, 2013

Scion and Virtus Acquire $118 Million Portfolio at Virginia Tech, Penn State and Georgia Southern


The Village at Blacksburg student housing community
serving Virginia Tech

CHICAGO, IL. – In a joint venture, affiliates of The Scion Group and Virtus Real Estate Capital have acquired a portfolio of three properties totaling 2,360 beds in 628 apartment units.

Robert Bronstein
 The $118 million portfolio includes The Village at Blacksburg, a 1,056-bed community serving Virginia Tech, State College Park, a 752-bed property serving Penn State University, and University Pines, a 552-bed community serving Georgia Southern University.

Scion will manage the venture and the properties, marking eight student communities now owned by joint ventures of Scion and Virtus.

 The seller was American Campus Communities (NYSE: ACC). Scion and Virtus plan to invest over $6 million in upgrades for the properties, which were acquired with mortgage financing from Fannie Mae issued by M&T Realty Capital Corp. and arranged by Holliday Fenoglio Fowler LLP.

Terrell Gates
 “We are pleased to partner with Virtus in this highly strategic acquisition in three leading university markets,” said Robert Bronstein, president of The Scion Group.

 “This transaction underscores our vibrant partnership, Virtus’ strong status as an investment partner and the key role Virtus has continued to play in the ongoing expansion of our business.”

 Terrell Gates, CEO of Virtus Real Estate Capital, added: “Scion has proven to be a trusted and successful operating partner for us as we continue to grow our student housing portfolio. We welcome the opportunity to invest again with Scion and its focused and dedicated team of student housing specialists.”

  For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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