Core Spaces Forms Partnership with Two Leading Global Institutional Investors
CHICAGO, February 11, 2021 Core Spaces, one of the nation's leading developers, owners, and operators of high-quality, mixed-use properties in educational markets, announced that it has formed a new joint venture with two of the largest global commercial real estate investors.
The joint venture's objective is to acquire and operate a diversified portfolio of student oriented residential real estate in leading university markets across the United States. The joint venture has initially committed to acquiring over $1 billion of assets to establish the portfolio. Core Spaces will manage and operate the portfolio on behalf of the joint venture.
"We are excited to launch this new strategic venture with two new partners to Core. The venture enables Core to selectively grow our best-in-class portfolio and provide residents with an unmatched living experience," said Marc Lifshin, Founder and CEO of Core Spaces. "Despite the global pandemic, student housing operating fundamentals have remained strong, and we continue to see a bright future for the sector.”
Eastdil Secured advised Core Spaces on the partnership formation.
About Core Spaces
Core Spaces is a vertically integrated company focused on acquiring, developing, and managing the best real estate in educational markets. From world-class amenities and progressive design to client service with a hospitality-driven approach, Core 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-tier university markets across the country. It currently owns and/or manages 32 properties nationwide – totaling more than 15,000 beds – and has a pipeline of over 28,000 beds in various stages of development. For more information, visit www.corespaces.com.