The Scion Group Acquires 1,527-Bed Orlando Student Community

The asset previously traded in December 2011 for more than $84 million.

A joint venture between The Scion Group and an institutional investment partner has acquired The Aves at Twelve100, a 507-unit, 1,527-bed student community in Orlando, Fla., serving the University of Central Florida. Harrison Street was the seller, according to Yardi Matrix data.

The asset previously traded in December 2011 for $84.2 million, when Harrison Street acquired it from The Dinerstein Cos. A $45.8 loan originated by John Hancock financed that purchase, the same source shows.

The four-story community came online in two phases between 2010 and 2011 on a 10.5-acre site. Units consist of one- to four-bedroom layouts, ranging from 519 to 1,421 square feet, and feature private balconies or patios.

READ ALSO: Bank Distress Means More Deals Are Ahead

Common-area amenities include a fitness center, business center, clubhouse, volleyball court and a media room. The property also features four swimming pools and some 745 parking spaces.

Located at 12100 Sterling University Lane, The Aves at Twelve100 is adjacent to the University of Central Florida campus and less than 2 miles from FBC Mortgage Stadium. The community is some 2 miles from a host of dining and retail options, including the Alafaya Commons shopping center, while downtown Orlando is roughly 15 miles southwest.

Last month, Scion Student Communities—a joint venture of The Scion Group, the General Investment Corporation of Singapore and the Canada Pension Plan Investment Board—received $380 million for the refinancing of 11 student communities across eight states.

UCF’s student housing development pipeline

The University of Central Florida currently has three student housing developments under construction, amounting to almost 1,850 units, Yardi Matrix shows. Another 1,015-bed project is waiting for city approvals.

In November, a joint venture between Toll Brothers Inc. and The Davis Cos. announced plans for Aperture, 680-bed student housing project located some 3 miles from The Aves at Twelve100. The community will rise on 8.2 acres and is expected to come online in the fall of 2025.

You May Also Like