LAFAYETTE, IN (March 17, 2017) Trinitas and Harrison Street Real Estate Capital (“Harrison Street”) announced today that they have sold a portfolio of 2,000 beds in three communities in Southeast and Midwest markets to The Scion Group. The transaction, valued at over $172 million, closed on March 15, 2017.
Trinitas CFO, Mark Larson said, “This portfolio transaction is a testament to the quality student housing development projects the Trinitas team has brought to multiple university markets nationwide. We look forward to redeploying capital from this transaction to facilitate the execution of our significant development pipeline.”
The properties jointly owned by Trinitas and Harrison Street, and sold to The Scion Group, include The Village at Muller Park, located in Bloomington, Indiana and Alpha, located in Tuscaloosa, Alabama. The third property included in the portfolio sale, Lux at Central Park, located in Chapel Hill, North Carolina, was [wholly] owned by Trinitas.
Christopher Merrill, Co-Founder, President and CEO of Harrison Street, said “This transaction is emblematic of Harrison Street’s deep sector expertise, creativity and proven track record of creating value for our investors and partners alike. Initially acquired as single assets or development opportunities, this portfolio consists of nine high-quality properties at which we were able to execute on our business plans often times ahead of schedule. As the largest private investor in student housing, we are continuing to identify attractive opportunities in the sector.”
Trinitas will continue to manage a diverse portfolio of student housing assets located at Purdue University, The University of Arkansas, University of Illinois at Urbana-Champaign, Indiana University-Purdue University Indianapolis, University of Nebraska – Lincoln and Miami University in Oxford Ohio. Looking forward, Trinitas has multiple projects consisting of over 10,000 beds in various stages of the development process for delivery within the next 36 months.
Trinitas is a fully integrated student housing company that finances, develops, constructs and manages high quality student housing communities at major universities throughout the United States. Trinitas currently owns and manages nearly $300 million in student housing assets consisting of more than 2,800 student housing beds. The privately held real estate development company is currently developing over $200 million in student housing assets consisting of approximately 2,000 beds for 2017 completion. Trinitas is headquartered in Lafayette, Indiana. Learn more about Trinitas at www.trinitas.ventures.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment products across multiple risk/return platforms. Headquartered in Chicago with office in London, the firm employs a 90+ person team and has approximately $12.2 billion in assets under management. For more information, please visit www.harrisonst.com.