The Scion Group and PGIM Real Estate Form Joint Venture, Acquire Two U.S. Student Housing Properties
CHICAGO–(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…