Ares Management's (ARES) Ares Real Estate funds and Scion Group acquired a four-community student housing portfolio from Schenk+ for roughly $435 million, Scion said Tuesday.

The 2,316-bed portfolio serves students at the University of Georgia, the University of Tennessee and Texas State University, Scion said.

Three of the communities were developed by Schenk+, while the fourth was acquired and repositioned, the company said.