National owner/operator of student housing communities continues to expand into third-party management of select properties in U.S.
The Scion Group, the largest privately held owner-operator of student housing communities in the U.S., has been named as property manager at The 505, a new 509-bed student housing project under development in Springfield, Missouri.
The project, which is being developed by College Town International (CTI), is located in the heart of downtown Springfield at 505 E. St. Louis Street, and is just four blocks from Missouri State University (MSU). In addition to serving students from MSU, the project is expected to also be an attractive off-campus housing option for students at nearby Drury University, Ozark Technical College and Evangel University.
"We are delighted to work with CTI, a talented developer that shares our commitment to deliver the best possible residential experience for students," said Rob Bronstein, president and co-founder of The Scion Group, which serves more than 58,700 residents in 87 high-quality communities nationwide. "Our team is already on the ground in Springfield and looks forward to serving the Missouri State University market at The 505, which will be an exceptional community."
Construction at The 505 is expected to be substantially complete in June of 2021. The community will open in August for the 2021-22 academic year and Scion has begun accepting applications from new residents. The property will feature a mid-century modern design with natural elements incorporated throughout, including stunning floor-to-ceiling glass walls spanning four floors of the community. The project amenities will include a state-of-the-art fitness center, yoga studio, indoor basketball court, and resort-style pool and sun deck. The apartments will be fully furnished and consist of studio, 1-, 2-, 3- and 4-bedroom floor plans, all with single-occupancy bedrooms with a private bathroom for each resident.
"CTI chose to work with Scion because we are an industry leader with proven expertise in branding, marketing, leasing and managing student housing properties," said Keith Thompson, Scion’s vice president of operations. "CTI is creating a vibrant and dynamic property at The 505 and Scion’s best-in-class operating platform will help us deliver a great residential experience to students in Springfield."
In addition to being owner-operator of a national student housing portfolio that exceeds 55,000 beds, Scion also manages a community on the campus of Orange Coast College in Costa Mesa, California, and has managed 1,835 beds of on-campus housing for the University of Nevada Las Vegas under a joint venture since 2013. The company will continue to consider selective opportunities to manage signature properties in strong student housing markets, both on and off campus, according to Bronstein.
For more information about The 505 or to apply online, please visit https://the505springfield.com or call 417.404.0505.
For more information about The Scion Group and its student housing property management services, please visit www.thesciongroup.com.
About The Scion Group
The Scion Group is the largest privately held owner/operator of student housing communities in the United States. The firm has also provided student housing advisory services in more than 250 campus markets throughout the US and Canada. Scion has focused exclusively on the student housing sector since its inception in 1999, and has invested in more than $6 billion of student housing projects. For more information, please visit www.thesciongroup.com.
About College Town International
College Town International (CTI) is a Los Angeles-based housing developer focused on building fully amenitized, multi-family projects near major colleges and universities. CTI’s mission is to address the robust demand for housing by creating safe and sustainable communities, while also delivering on the modern needs and expectations of 21st century students and young professionals. For more information, please visit www.ctihousing.com.
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