Institutional Property Advisors Facilitates $910 Million Student Housing Portfolio Sale Across 10 States
PHOENIX, May 29, 2026 — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced it facilitated the sale of a 12-property, 7,578-bed student housing portfolio for approximately $910 million. The firm advised seller Harrison Street (HSAM) in the transaction, which transferred the portfolio to a joint venture between The Scion Group and an Ares Commercial Real Estate fund.
Peter Katz, IPA executive managing director investments, advised HSAM on the transaction and was engaged to consult on portfolio strategy and asset composition.
"This diverse portfolio of student housing assets is positioned to provide an attractive return profile for the buyers, Scion and Ares Management," Katz said. "We value our longstanding relationships and greatly appreciate the opportunity to have advised our client, Harrison Street, on this sale."
Portfolio Overview: Scale, Geography, and Vintage
The 12-property portfolio was assembled by five HSAM investment vehicles over approximately 10 years. The properties were constructed between 2008 and 2024 and are located across 10 states, each situated near a university campus. Universities served include Ohio State University, Auburn University, the University of Notre Dame, James Madison University, and the University of Florida, among others.
Asset-level details, including individual property addresses, per-property unit counts, and cap rates, were not disclosed. The portfolio's 7,578-bed count spread across 12 properties implies an average of roughly 630 beds per asset, though the distribution across individual properties was not made public.
At the reported transaction price, the portfolio implies an approximate per-bed valuation of $120,000. That figure is an approximation derived from the disclosed headline price and bed count and has not been independently verified.
Deal Structure
HSAM assembled the 12-property portfolio across five separate investment vehicles over a decade. The buyer joint venture pairs Scion Group with an Ares Real Estate fund. The transaction was advised by Institutional Property Advisors, which operates as a division of Marcus & Millichap.
About the Parties
Institutional Property Advisors is a division of Marcus & Millichap focused on acquisition, disposition, and financing services for institutional properties and portfolios. Harrison Street Asset Management assembled the portfolio across five investment vehicles over approximately 10 years. Scion Group and an Ares Real Estate fund formed the acquiring joint venture.
Sources:
Institutional Property Advisors press release, May 29, 2026: https://www.institutionalpropertyadvisors.com/news-events/2026/05/910-million-student-housing-portfolio-sale-facilitated-by-institutional-property-advisors