CHICAGO, IL – The Scion Group and Hana Financial Group announced that their joint venture recently completed the acquisition of a four-property portfolio of high-end student housing communities totaling 3,275 bedrooms. The properties are located in these leading university markets: University of Florida in Gainesville, FL; Colorado State University in Fort Collins, CO; Texas Tech University in Lubbock, TX; and University of Mississippi, in Oxford, MS.
The transaction represents the first investment completed by a recently formed joint venture between affiliates of both Scion and Hana. The portfolio was bought from entities controlled by Kayne Anderson Real Estate.
This transaction is particularly strategic for Scion, enabling us to expand our existing presence in the University of Florida and Texas Tech markets, while also providing an opportunity to invest in the Colorado State and ‘Ole Miss markets, each of which are markets we have targeted for entry, said Rob Bronstein, President of Scion. We are excited about the opportunity to partner with Hana on this transaction and appreciate its team s confidence in Scion s established operating platform.
The addition of these four newly developed, well-situated Class A properties in highly sought-after markets expands our national portfolio to 86 communities with more than 58,200 bedrooms, further augmenting Scion s leading industry footprint, noted Avi Lewittes, Scion s Chief Investment Officer.
“Hana is excited to have had the opportunity to further our reach through the joint venture with Scion, we will further strengthen our position as a global financial group by expanding our network through these strategic deals.” said Kim Hee Seok, CEO of Hana Alternative Asset Management. With the latest transaction, Hana will establish a close relationship with Scion and boost further investment in student housing assets where institutional investors are increasingly showing an appetite.
Scion and Hana were advised by Saker Capital and Admiralty Asset, respectively, in connection with the transaction.

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WILMINGTON, DE – Evergreen Apartment Group Inc. has bought River Commons Apartments, a 116-unit Extended Phase LIHTC apartment community located in Wilmington, Delaware. Evergreen Apartment Group arranged the sale directly with Andrew Townsend of Marcus and Millichap. Financing for the buy of River Commons was provided by Fannie Mae. Key Bank serviced the loan and AMA Financial was the mortgage broker. Subordinate debt for the deal was provided by the Delaware State Housing Authority (DSHA).
Kevin M. Wolfgang, President and CEO of Evergreen Apartment Group said, As our first apartment community in the downtown district of Wilmington, DE, River Commons is an exciting acquisition for our organization. The community is also our first LIHTC community which allows us to provide apartments to a part of the population we were previously unable to serve. Lastly, as a LIHTC approved management company, we have added another strategic growth avenue for our company.
Completely re-built in 2004, River Commons is seamlessly integrated into the downtown district of Wilmington while maintaining the character of a private community. The spacious 2- and 3-Bedroom apartment homes offer residents private entrances, large porches/balconies, walk-in closets, individually controlled central air/heat, and washer/dryers. In addition, the community features a large community club house.
Gregory D. Wolfgang, Chairman and CFO of Evergreen Apartment Group said, River Commons has an brilliant location, adjacent to the Wilmington Riverfront, less than 2 blocks from the Wilmington Amtrak Train Station, and in the shadow of the banking and judicial districts. With the close proximity to major roadways, public transportation, and surrounding attractions, it is an ideal affordable housing apartment choice for renters that desire a downtown work/live/play destination.
Lauren J. Wolfgang Esq., Principal and General Counsel of Evergreen Apartment Group added, We are excited to start our partnership with DSHA and to bring best-in-class property management services to LIHTC communities in Delaware. River Commons will be strengthened from Evergreen s intensive management approach, which includes focused customer service, property management best practices, and leveraging the Evergreen brand. This buy continues our commitment to deliver an outstanding rental home at an exceptional price point, offering the absolute best apartment value in the marketplace.

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KISSIMMEE, FL – Sonata Senior Living, developer, owner and operator of independent living, helped living and memory care communities, has announced it will assume management of Sonata Hunter’s Creek in partnership with Providence One Partners, LLC, a multi-disciplined real estate development, investment and consulting company.
Formerly known as Sage Park Helped Living and Memory Care, the 107,000-square-foot community will be rebranded Sonata Hunter’s Creek and expand Sonata Senior Living’s footprint in the state to 13 communities, including two plotted senior housing developments in Central Florida.
According to Sonata Senior Living’s COO Shelly Esden, the partnership with Providence One Partners provided an opportunity to bring Sonata’s model of care to Osceola County and meet an unmet demand for helped living and memory care with an innovative and affordable senior living option.
Built in 2018, Sonata Hunter’s Creek met Sonata Senior Living’s stringent quality expectations in construction, design and technology. It is advantageously located near The Loop Kissimmee, Kissimmee Osceola corporate center and the Hunter’s Creek master-plotted community.
“A go to helped living shouldn’t represent giving up the joy and dignity of living independently,” said Esden. “At Sonata Hunter’s Creek, residents will now benefit from Sonata’s signature life enrichment programs as well as access to every convenience the surrounding area has to offer.”
Programming at Sonata Hunter’s Creek emphasizes the value of freedom to make daily choices as a fundamental element in helped living and memory care. Guided by a lifestyles profile on each resident, person-directed care and activities are designed to help residents achieve higher levels of independence and well-being.
Existing and future residents of Sonata Hunter’s Creek will also benefit from Sonata’s award-winning memory care helped living program, Serenades Memory Care.
Serenades Memory Care combines research-based design features with recent scientific advancements in memory care in order to emphasize the importance of personal choice in quality of life. Along with emphasis on abilities and engagement, the program focuses on Teepa Snow’s acclaimed Positive Approach™ to Care, which has attained the highest national certification for the treatment of dementia.
Personalization carries over to care staff members trained by certified dementia specialists. Serenades works to achieve consistent staffing in each neighborhood in the interest of promoting familiarity and bonding, while developing a care plot fully reflective of the individual.
Sonata Senior Living has executed on acquisition and development transactions in excess of $87 million this year.
“We couldn’t be more pleased about our expansion in Central Florida,” said Esden. “This partnership represents a significant advancement for Kissimmee families in need of helped living.”

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