Scion Student Communities—a student housing joint venture between Canada Pension Plan Investment Board, GIC and The Scion Group—has acquired MUZE, a recently completed student housing community serving the University of Texas at Austin. The deal marks Scion’s second investment in the metro, following the acquisition of University House Austin in 2016, when the firm acquired Univesity House Communities for $1.3 billion.
Scion Student Communities acquired the asset from a partnership of Kanye Anderson Real Estate and the project’s developer, Parallel Co. According to Yardi Matrix data, the transaction of this 502-bed property Scion Group drew an undisclosed amount from a line of credit held by Fannie Mae.
MUZE was completed in August and is located in the capital’s West Campus neighborhood, at 2100 Nueces St., two blocks from the university campus. The 14-story building’s units can accommodate from one to five persons per apartment in units that range from 429 to 1,405 square feet. All units are equipped with digital locks, washer and dryers and have vaulted ceilings. Common-area amenities include a fitness center, a business center, a clubhouse, two swimming pools and 174 parking spaces.