The portfolio, amassed over the past decade and spanning five HSAM fund vehicles, includes 12 properties totaling 7,578 beds across 10 states and 12 universities, including Arizona State University, Auburn University, University of Florida, the University of Notre Dame, The Ohio State University and James Madison University.

The transaction is the largest student housing portfolio sale completed in 2026.

Strategic context

Scion will be the operating partner. With this acquisition, the company’s total holdings now span more than 105,000 beds across 161 communities in 90 markets, making it the world’s largest owner of student housing. This is also Scion’s first investment with Ares, a real estate manager with approximately $117 billion in assets under management.

It is part of Ares Management Corp., an alternative investment manager with more than $644 billion of assets under management.

Harrison Street Asset Management is one of the largest private owners of student housing globally. Since inception, the firm’s alternative real assets platform has invested over $24bn across 431 student housing properties, totaling more than 237,000 beds throughout North America and Europe.

During this same period, the firm sold 252 student housing properties for a gross cost of approximately $11bn.