The Scion Group (“Scion”) and an Ares Real Estate fund (“Ares”) today announced the formation of a joint venture to invest in off-campus student housing in the United States, with a focus on high-quality assets in markets characterized by strong enrollment fundamentals and limited new supply. The joint venture has acquired a 12-property, 7,578-bed portfolio for approximately $910 million from Harrison Street Asset Management, with Scion serving as operating partner.
The portfolio serves leading university markets across the U.S., including those home to the University of Florida, Auburn University, the University of Notre Dame, The Ohio State University and James Madison University, and is consistent with both firms’ shared conviction in the long-term strength of the student housing sector.
“This transaction represents important milestones for Scion,” said Robert Bronstein, Chief Executive Officer of The Scion Group. “We are beginning a partnership with Ares, one of the leading asset management firms globally, at the same time Scion’s owned portfolio now totals over 105,000 beds, making Scion the world’s largest owner of student housing. This sector continues to demonstrate resilient demand characteristics, and we are pleased to expand our platform alongside Ares.”
“This transaction underscores Ares Real Estate’s ability to execute on large, complex opportunities through our scale, sector experience and operating relationships,” said Andrew Holm, Head of U.S. Diversified Equity for Ares Real Estate. “By combining our scaled real estate platform with Scion’s strong capabilities, we believe we are well positioned to unlock value across this portfolio and capitalize on the continued institutionalization of the student housing sector.”
The transaction marks Scion’s first investment alongside Ares. Walker Dunlop advised on the financing of the transaction, which was led by BMO.
Since 2016, Scion has deployed approximately $10.2 billion of capital, including $3.4 billion in the past 24 months, reflecting its position as the most active, scaled operator and asset manager in the sector. This acquisition reflects broader structural trends shaping student housing, including the consolidation of a historically fragmented market and the movement of institutional capital into operationally intensive, need-based real estate. Scion intends to continue leading that evolution.
Ares Real Estate is one of the most scaled and diversified vertically integrated real estate managers globally with approximately $117 billion in assets under management as of March 31, 2026. With over 700 total professionals across 38 offices and markets across the Americas, Europe and APAC, the team executes equity and debt strategies across property types and spanning the breadth of the risk-return spectrum.
About The Scion Group
Founded in 1999, The Scion Group is the world’s largest owner of off-campus student housing. The firm owns and operates more than 105,000 beds across 161 communities in 90 markets throughout the United States. Scion partners with leading global institutional investors and combines capital markets expertise with integrated, best-in-class operational capabilities to deliver long-term value in purpose-built student housing. For more information, visit www.thesciongroup.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2026, Ares Management Corporation’s global platform had over $644 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.
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