A limited liability company managed by the Chicago-based Scion Group has acquired the Sterling Burbank apartments, a luxury student housing complex near LSU, for $62 million.
The deal closed Dec. 20 and was filed with the East Baton Rouge Clerk of Court on Thursday.
The buyer is listed as SSC Burbank Apartments. The seller is Sterling-LSU 3, a limited liability company managed by John Caltagirone, chief investment officer and partner for The Dinerstein Companies, a Houston-based developer of multifamily and student housing.
Scion Group, which operates more than 90 student housing properties across North America, could not be reached for comment before today’s Daily Report PM deadline.
The company, however, announced Wednesday that it recently acquired a portfolio of 24 properties in 20 university markets for $1.1 billion.
The transaction was a joint venture that includes the Scion Group, the Canadian Pension Plan Investment Board and Singapore-based investment firm GIC.
It’s unclear if the purchase of the Sterling Burbank apartments was part of that deal.
The portfolio represents an attractive mix of recently developed Class-A properties in primarily tier-1 university markets and select value-added assets, Scion Group says.
The Scion Group owns University House Baton Rouge, Woodlands of Baton Rouge and the University Edge apartments near LSU in addition to University House Acadiana.
—Alexandria BurrisÂ
