{"id":1004080566,"date":"2013-07-22T06:00:04","date_gmt":"2013-07-22T14:00:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004080566"},"modified":"2022-12-08T18:31:04","modified_gmt":"2022-12-09T02:31:04","slug":"scion-virtus-buy-118m-student-housing-portfolio-from-acc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\/","title":{"rendered":"Scion, Virtus Buy $118M Student-Housing Portfolio from ACC"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Virtus\"<\/a>

University Pines, serving Georgia Southern University<\/p><\/div>\n

A joint venture between affiliates of The Scion Group, Chicago, and Virtus Real Estate Capital, of Austin, Texas, has acquired, from American Campus Communities, a portfolio of three student-housing properties for $118 million, it was announced late last week.<\/p>\n

The three properties, which total 2,360 beds in 628 apartment units in 58 buildings, are 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.<\/p>\n

The closing took place July 11, according to Scion Group president Robert Bronstein.\u00a0Scion will manage the venture and the properties, into which the JV plans to invest more than $6 million in upgrades. Joint ventures of Scion and Virtus now own eight student-housing communities.<\/p>\n

The portfolio was acquired with mortgage financing from Fannie Mae issued by M&T Realty Capital Corp. and arranged by the Indianapolis office of Holliday Fenoglio Fowler L.L.P.<\/p>\n

The Village at Blacksburg, about three-quarters of a mile from the Virginia Tech campus in Blacksburg, Va., consists of two- and four-bedroom apartments in 26 buildings. Scion and Virtus plan significant upgrades to interiors, grounds and amenities.<\/p>\n

The 19-building State College Park, about three-quarters of a mile from the Penn State campus in State College, Pa., comprises two- and four-bedroom apartments and according to Scion and Virtus is the closest to campus of the many large, purpose-built garden-style communities serving the university. Here, too, Scion and Virtus plan significant upgrades to interiors, amenities and grounds.<\/p>\n

University Pines consists of 13 buildings and is across the street from Georgia Southern University in Statesboro, Ga., and also adjacent to a 564-bed property already owned by a Scion-Virtus JV, Cambridge @ Southern. The two communities will be managed together under the latter name.<\/p>\n

The purchases of the Virginia Tech and Penn State properties, Bronstein told Commercial Property Executive<\/i>, were driven primarily by the quality of the schools themselves and by geographic diversification, since Scion had not previously had a presence in those two states.<\/p>\n

In the case of the Georgia Southern community, Bronstein said, the adjacent property already owned by a Scion-Virtus JV made it a choice target. In addition to the usual economies of scale, co-branding and managing the two communities will provide more floor plans\/unit types (seven vs. four) to offer students, he added.<\/p>\n

In addition, Bronstein concluded, both of the swimming pools, one at each property, will be rehabbed, with one positioned as the more active one and the other intended to be a quieter setting.<\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture between affiliates of The Scion Group and Virtus Real Estate Capital has acquired, from American Campus Communities, a portfolio of three student-housing properties for $118 million.<\/p>\n","protected":false},"author":882,"featured_media":1004080597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742],"tags":[],"class_list":["post-1004080566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest"],"acf":[],"yoast_head":"\nScion, Virtus Buy $118M Student-Housing Portfolio from ACC - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scion, Virtus Buy $118M Student-Housing Portfolio from ACC\" \/>\n<meta property=\"og:description\" content=\"A joint venture between affiliates of The Scion Group and Virtus Real Estate Capital has acquired, from American Campus Communities, a portfolio of three student-housing properties for $118 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-07-22T14:00:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:31:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Virtus.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"774\" \/>\n\t<meta property=\"og:image:height\" content=\"518\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Scion, Virtus Buy $118M Student-Housing Portfolio from ACC\",\"datePublished\":\"2013-07-22T14:00:04+00:00\",\"dateModified\":\"2022-12-09T02:31:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\\\/\"},\"wordCount\":444,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/07\\\/Virtus.jpg\",\"articleSection\":[\"Featured\",\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/scion-virtus-buy-118m-student-housing-portfolio-from-acc\\\/\",\"name\":\"Scion, Virtus Buy $118M Student-Housing Portfolio from ACC - 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