CHICAGO — The Scion Group and PGIM Real Estate, the real estate investment and financing arm of Prudential Financial’s global asset management business, announced today that their recently formed joint venture has completed the acquisition of two Class A student housing communities totaling 1,244 bedrooms. Both properties were delivered in Fall 2020: Verve, serving students at the main campus of Rutgers University in New Brunswick, N.J., and Aero on 24th, serving the University of Florida campus market in Gainesville, Fla.
TSB Realty assisted the seller in the transaction.
Aero, pictured above, offers a mix of one-, two- and four-bedroom floor plans, each fully furnished with custom-designed furniture. Premium finishes include quartz-surface countertops, stainless-steel Energy Star appliances, and a washer and dryer in each unit. Aero’s abundant community amenities are highlighted by a resort-style pool with cabanas and poolside tanning deck, outdoor kitchen and grill space, 9,000-square-foot clubhouse, academic lounge, on-demand fitness center and gaming center.
Located steps from the main Rutgers campus and surrounded by popular college-geared cafes, dining and nightlife, Verve features one-, two-, three-, four- and five-bedroom floor plans in an upscale urban student housing environment. Community amenities include a state-of-the-art fitness center, outdoor grilling stations and lounge areas, gaming area, individual and group study rooms, café and controlled-access bike storage.
The full release can be found here.
