Scion JV Acquires 741-Bed Community in Atlanta

The duo assumed an $87.3 million loan and took out another $65 million note.

The community at 111 John Wesley Dobbs Ave. NE in Atlanta.
The 25-story tower features a rooftop with swimming pool and terrace, fitness center, yoga studios and multiple private and group study rooms. Image courtesy of Yardi Matrix

A joint venture between The Scion Group and Brookfield Asset Management has acquired Reflection, a 741-bed, 247-unit student housing community in Atlanta, public records show. This marks Scion’s first property serving Georgia State University.

As part of the transaction, the duo assumed an $87.3 million loan issued by The Development Authority of Fulton County in 2020, the same records show. Additionally, the owner took out a $65 million note originated by Forethought Life Insurance Co.

The previous owners were Atlantic Capital Properties and Gateway Ventures, according to Yardi Matrix information. 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 same source shows.

The Class A community consists of studio, one-, two-, three- and four-bedroom layouts, varying in size from 578 square feet to 1,820 square feet, as well as ground-floor retail space. The fully furnished units feature washers and dryers, as well as private balconies or patios in select floorplans.

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Common-area amenities include a fitness center, clubhouse, rooftop swimming pool with terrace, EV charging stations and yoga studios. Additionally, the building has individual and group study rooms, e-gaming room, recording studio, outdoor lounge and grilling stations.

Located at 111 John Wesley Dobbs Ave. NE in downtown Atlanta, the tower is a block away from Georgia State’s main campus and less than 2 miles from the Mercedes-Benz Stadium. Hartsfield-Jackson Atlanta International Airport is within 12 miles.

Largest operator of off-campus student housing properties

The Scion Group is currently the largest owner and operator of off-campus student communities. The company’s U.S portfolio consists of 84,000 bed across 127 communities in 33 markets, with assets under management totaling more than $9 billion.

In March, the firm formed a joint venture with an institutional investment partner for the acquisition of The Aves at Twelve 100, a 507-unit student community in Orlando, Fla. Harrison Street previously owned the 1,527-bed asset.

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