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THE SHB INTERVIE W JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 74 Buying Spree The Scion Group has been on a growth spurt. The man helping make it happen is Avi Lewittes. By Randall Shearin A Avi Lewittes, chief investment offcer for Chicago- based The Scion Group, has had his work cut out for him since he joined the frm three years ago. The company has become one of SHB 's Top 10 Owners of Student Housing, steadily moving up the ranks, and has no plans to slow down. SHB recently interviewed Lewittes on the challenges of a growing company, and the rewards. SHB: Scion recently moved its headquarters ofce to new digs in Chicago. Tell us a little bit about that space and how it is more refective of the evolution of the company. Lewittes: We had been in the same ofce for seven or eight years, in a great area with a lot of energy that in many ways refected the same demographic that we cater to in student housing. However, we have grown very sig- nifcantly and just ran out of space. We have expanded from 9,000 beds to pushing more than 25,000 beds in just the last two to three years. With that, given our fully integrated operating platform, all facets of the organi- zation have grown, so we took advantage of the opportunity to build out new space in a building just a few blocks away. We now have a very cohesive, open ofce space that fosters much more dynamic communica- tion and more natural interaction among the broader team. Our build-out also focused on creating multiple areas for informal gathering, including conversation pits, and media-cen- tric space. Another aspect of the company that has always been a hallmark of our operating platform is our commitment to developing our people. When we would bring in property personnel from across the country for train- ing in the past, we would have to rent out hotel conference space. Now, we have captive training space in our ofces. It makes a big diference; our property teams can meet in our corporate ofce and feel much more a part of our larger organization. SHB: Tell us a little bit about your background and how it led you to join Scion three years ago. Lewittes: I've got a bit of an oddball back- ground for the sector, but one that I think brings experience and perspective that is ben- efcial. I spent 22 years as an investment bank- er at major Wall Street frms in New York. As a mergers and acquisitions banker with a prima- ry focus on the industrial and real estate sec- tors, I had the opportunity to work on many transactions and advise companies across dif- ferent industries. I always had a strong afn- ity for real estate, and a desire to fnd the right opportunity to move to the principal side and help grow a business. The initial step mani- fested back in 2009 when I joined a former client, a health care real estate platform here in Chicago. After successfully recapitalizing that business, and helping to secure new investors for that organization, I had the good fortune of meeting Rob Bronstein [Scion's CEO]. I was very impressed by the footprint and success that Scion had achieved and felt there was a great break-out opportunity for the company. Having recognized trends in student housing which lagged some of the other more institu- tionally developed asset classes, I was excited about the sector fundamentals, the leadership team and Scion's continued growth potential — the rest is history. SHB: What is your role at Scion, and how have you grown in your career from what you used to do? Lewittes: While we all wear mul- tiple hats, I would start by saying that I feel privileged to be part of such an exceptionally tal- ented management team. We are all very passionate about this business and approach the com- pany with a lot of focus, energy and enthusiasm — fac- tors which I believe have contributed to our success and which have enabled us to play a signifcant role in the ongoing consolidation of the sector. Scion has a very established presence in the sector, and distinguishes itself in part by its advisory background, which informs our investment thesis. We have built a portfolio and organizational platform that we believe is responsive to the needs of students, their parents and universities, through a dis- ciplined commitment to service and value. As the sector continues to evolve and mature, with increased participation by more sophisti- cated and deeper-benched institutional capital players, I think my Wall Street background is increasingly relevant. That includes capital markets expertise, a developed institutional capital network and an emphasis on relation- Renovated incubator space at The Park at State College, near Penn State University, which Scion acquired in July 2013. AVI LEWITTES Chief Investment Offcer The Scion Group The clubhouse at University Edge near Louisiana State University, which Scion acquired in January.