Harrison Street Asset Management (HSAM) has closed the $910-million sale of a 12-property U.S. student housing portfolio to affiliates of The Scion Group and an Ares Real Estate fund. It’s the largest student housing portfolio sale completed in 2026, according to HSAM.

Assembled over a 10-year period by five HSAM funds, the 7,578-bed 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. Scion will serve as operating partner.

“This transaction represents important milestones for Scion,” said Robert Bronstein, Scion CEO. “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.”

Although the deal represents a first-time partnership between Scion and Ares, buyer and seller have collaborated before. HSAM and Scion have completed multiple large-scale transactions together since 2017, including a nearly $900-million student housing portfolio sale in November 2024.

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.