A student housing community in Atlanta, known as Reflection, has been acquired by a joint venture between The Scion Group and Brookfield Asset Management. This 741-bed, 247-unit tower is located just one block away from Georgia State University’s main campus.
According to Commercial Edge reports, the duo took over an $87.3 million loan issued by The Development Authority of Fulton County in 2020 as part of the transaction. Additionally, they also secured a $65 million note from Forethought Life Insurance Co.
Previously owned by Atlantic Capital Properties and Gateway Ventures, the partners completed construction on this 25-story tower in October of 2020 using funds from a $65 million loan provided by Arvest Bank.
The Scion Group prides itself on being the largest owner and operator of off-campus student communities with properties across various markets totaling more than $9 billion under management. Their U.S portfolio currently consists of over 84,000 beds across 127 communities in different markets nationwide.
