Kirkland & Ellis advised an Ares Real Estate fund on the formation of a joint venture with the Scion Group to invest in off-campus student housing in the United States, according to a May 22 statement. The partnership has acquired a portfolio of 12 properties totaling 7,578 beds for approximately $910 million from Harrison Street Asset Management. Scion will serve as the operating partner.
The transaction highlights continued interest in student housing assets located near major universities and in markets with strong enrollment and limited new supply. The acquired properties are located across leading university markets, including those serving the University of Florida, Auburn University, the University of Notre Dame, The Ohio State University and James Madison University.
Both firms said that this investment aligns with their shared belief in the long-term strength of the student housing sector. The deal reflects ongoing trends where institutional investors target sectors considered resilient due to stable demand drivers such as higher education enrollment.
The Kirkland & Ellis team advising on this transaction included real estate lawyers Michelle Kelban, Kimberly Lucas, Leena Chopra, Kirsten Morelli, Timothy Bow, Greg Wagner, Natalia Ortiz and Bradley Goodstein; environmental transactions lawyers Sam Dykstra and Caitlin Meagher-Kreisel; litigation lawyer Nick Niles; and tax lawyers Mike Beinus, Justin Barbosa and Dylan White.
Future developments may see further activity from both Ares Real Estate funds and Scion Group as they continue to pursue opportunities within U.S. student housing.
