Scion, Brookfield Acquire GSU Student Housing
A joint venture between The Scion Group and Brookfield Asset Management has acquired Reflection, a 741-bed, 247-unit student housing community in Atlanta. The tower is a block away from Georgia State’s main campus.
Commercial Edge reports as part of the transaction, the duo assumed an $87.3 million loan issued by The Development Authority of Fulton County in 2020. Additionally, the owner took out a $65 million note originated by Forethought Life Insurance Co.
Atlantic Capital Properties and Gateway Ventures were the previous owners. The partners completed the 25-story tower in 2022 using funds from a $65 million construction note originated by Arvest Bank in October 2020.
The Scion Group touts that it is currently the largest owner and operator of off-campus student communities. The company’s U.S. portfolio consists of 84,000 beds across 127 communities in 33 markets, with assets under management totaling more than $9 billion.
