A student housing complex in Chapel Hill has been sold to a real estate firm based in Chicago as part of three property portfolio acquisitions worth over $1.6 billion.

The Scion Group announced the purchase of LUX at Central Park along with 16 other properties and the recapitalization of 12 company-owned communities last month.

According to a news release from the company, the deals were made through a joint venture that includes investment management organizations in Canada and Singapore.

Of the 29 properties acquired by this joint venture, 11 were purchased for $640 million, six were purchased for $385 million, and 12 were recapitalized for $550 million.

County records indicate that The Scion Group, Canada Pension Plan Investment Board, and GIC Private Limited paid nearly $68 million for LUX at Central Park.

The 604-bed complex opened in 2014 on Martin Luther King Jr. Boulevard as one of the largest apartment buildings designed to house students of UNC-Chapel Hill.

With the purchase of that property and the rest of those portfolios, The Scion Group now operates over 48,000 beds of student-focused residences at 47 campuses across the country.

Photo by The Scion Group.

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