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| 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.
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| 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.
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| 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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