Scion directly manages 4,500 beds of high-quality housing on or near college campuses. We are currently involved in the development of approximately 1,000 additional beds and expect our management portfolio to reach 6,000 beds by 2009. Scion began managing student housing in 2002, when we converted a 119-unit hotel on Chicago's Michigan Avenue into apartment-style student housing for DePaul University. In 2003, we teamed with U.S. Equities Realty to launch and manage the 1,720-bed University Center of Chicago for a consortium of Columbia College, DePaul and Roosevelt Universities, winning a national selection process. From 2004 through 2006, we added to our portfolio 660 beds of student housing adjacent to Illinois State University – including 352-bed The Point – which we manage under the Stepping Stone Properties brand name. In late 2006, Scion partnered with institutional investment manager ASB Capital Management LLC to acquire, manage and maximize the potential of academic-related housing properties in key markets nationwide.

With significant equity resources from ASB Capital's Real Estate Fund, in 2007 and early 2008 this partnership acquired the 444-bed ON50 and the 420-bed 42North, both adjacent to the University of South Florida, the 1,093-bed Millennium and Bloom communities near Indiana University, the 378-bed 2040 Lofts at Marquette University, the 480-bed The Automatic Lofts next to University of Illinois at Chicago and the 694-bed Dwight Lofts serving Columbia College Chicago and several other nearby "South Loop" schools. Scion provides full-service property management for each of these high-end facilities. Our specialty in upgrading, branding, marketing and operating these destination properties can be seen in some of the properties' award-winning web sites. We also apply our expertise in offering marketing and leasing services for on-campus facilities such as Illinois Institute of Technology's 362-bed State Street Village (opened successfully in 2003) and Case Western Reserve University's Village at 115 (opened August 2005 with 1,100 applications for its 740 spaces), operational and facility reviews such as for Howard University and Portland State University, and management startup and operations consulting particularly for institutions just beginning residential offerings such as the University of Monterrey [Mexico], the University of Medicine and Dentistry of New Jersey (both opened Fall 2006), and Blackstone Group's "nido" student housing in London, England (opened Fall 2007).