Kirkland Advises Ares on Joint Venture to Acquire $910 Million Student Housing Portfolio
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, 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.
Read the transaction press release
The Kirkland team 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.
