Core Spaces Closes Out Q2 with Groundbreakings, Acquisitions and Property Expansions Across 14 Markets in the U.S.
Closing out a successful Q2, leading real estate company Core Spaces kicks off the company's 2023 student housing pipeline with groundbreakings and acquisitions in key markets including Atlanta, GA, Los Angeles, CA, and State College, PA.
Core Spaces commenced construction in April on Hub Atlanta, located just steps from the Georgia Tech campus in the Midtown district of Atlanta. Known as "heart of the arts," Midtown offers residents a walkable campus location with great shopping, exceptional dining and museums. Hub Atlanta will include 19 floors of thoughtfully programmed units and ultramodern amenities including a dog run and dog wash, a steam room and sauna, terraces, a rooftop pool, and multiple study areas.
Additionally, construction commenced on the company's second Hub location in Los Angeles. Located along the bustling Figueroa Corridor, the seven-story, mixed-use property will contain 157 units and 577 beds across 280,000 gross square-feet. Hub Los Angeles Figueroa will be open in the fall of 2023.
The company plans additional ground breakings later this year at their College Park, MD, Boulder, CO, and State College, PA development sites.
Since announcing its $1 billion student housing acquisition fund earlier this year, Core Spaces continues to secure quality assets in top markets across the country with the acquisition of seven new properties in key collegiate communities.
Since July, Core Spaces has acquired two properties in two new markets including Stanhope Student Apartments in Raleigh, NC and Plato's Court at Knight's Landing in Bloomington, IN.
Just steps away from the NC State campus, the Stanhope is an 822-bed student housing property with over 25,000 square-feet in retail and mixed use property, and is minutes to the Village District. Plato's Court ,convenient to Indiana University and is within walking distance of downtown Bloomington and Memorial Stadium. Renovations will include a new fitness center directly next to the existing basketball court, as well as a resort-style pool with cabanas and an outdoor deck. This 468-bed student housing community has access to dynamic entertainment options and cultural activities nearby.
Recently acquired in State College, PA, the Park Hill Apartments are currently undergoing renovations that include wood-style flooring, high-end fixtures, quartz countertops, stainless steel appliances and custom-designed furniture. Located on East Beaver Street, the property's location is just a stone's throw from Penn State's campus, providing residents with immediate access to classes, the town's bustling nightlife and Greek community. The 283 beds will be fully renovated by the fall of 2022.
Core Spaces expands further down the eastern seaboard with the acquisition of Parkside at College Park Apartments. The 380-bed property was acquired in February of 2021, and is within walking distance to the University of Maryland campus. Renovations began this March and will be completed and ready for move-in this August. Residents will enjoy brand new furnishings and finishes, a state-of-the-art fitness center, relaxing study rooms, a re-designed lobby, new elevators and "The Living Room'' outdoor garden, one of the first biophilic-designed outdoor spaces in the student housing industry.
The company's recent acquisition of the Whistlebury properties in Athens, GA, totals 626 beds across three separate properties. The Whistlebury portfolio will be renovated with Core Spaces' signature renovation program, which includes high-end furnishings and finishes, and resort-style amenities. Unique to this property is the three-story student center clubhouse, open 24/7 for the student residents at Whistlebury complete with a gym, computers, study areas and a pool area.
In April, Core Spaces acquired full ownership of oLiv Tempe and Hub West Lafayette, locking these two properties into their long-term hold strategy. These particular properties have been highly successful. oLiv Tempe, which opened in August of 2020, settles in a highly coveted area in the heart of downtown Tempe. Hub West Lafayette, opened in August of 2019, has become the top residential option of the students at Purdue University. The 608 bed property is already fully leased for the 2021-2022 school year.
In addition to the groundbreaking activity and acquisitions, Core Spaces is excited to deliver four new assets this summer. Opening at the University of Illinois Urbana-Champaign is Hub Champaign Daniel, a 569-bed development adjacent to campus. The company's fourth development at University of Arizona, Hub Tucson Park Ave, features 478 beds and several national retail tenants. Core Spaces' first development phase of the Hub Blacksburg, located near the Virginia Tech campus, will introduce 703 highly-amenitized beds into the market this fall and a second phase of 827 beds in summer of 2022.
After undergoing an extensive renovation and rebranding, Core Spaces is set to open The Canyon, a cumulation of five residential communities totaling 1,215 beds in State College, PA. Property upgrades include wood-style flooring, high-end fixtures, quartz countertops, stainless steel appliances and custom-designed furniture, which will be completed at four of the five buildings this fall with the final building undergoing renovations for re-opening in summer of 2022.
"These new acquisitions and property renovations are key in the continuation of Core Spaces' organic expansion. We are thrilled to unveil our value-add projects that showcase our ability to modernize college housing and provide best-in-class experiential living accommodations to include more of the student population," said Founder and CEO Marc Lifshin. "As we expand into new college housing markets and cities across the U.S., we're committed to furthering our goal of empowering our residents with the tools they need and want to live balanced, successful lives."
About Core Spaces
Core Spaces is a vertically integrated company focused on acquiring, developing, and managing residential properties that create a better life for everyone under our roof. From world-class amenities and progressive design to client service with a hospitality-driven approach, Core Spaces provides living spaces and services that create a better daily life for its residents. Its projects are thoughtfully designed, customized, developed, and managed to create extraordinary lifestyle experiences that are as unique as their respective cities. Since its founding in 2010, Core has consistently delivered award-winning developments in top markets across the country. It currently owns and/or manages 37 properties nationwide – totaling over 16,000 units and beds – and has a pipeline of over 33,000 units and beds in various stages of development and acquisition. For more information, visit www.corespaces.com.