FOR IMMEDIATE RELEASE
CHICAGO – Core Spaces and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, today announced that they intend to develop student housing properties in Auburn, Alabama, and Champaign, Illinois. The projects mark an expansion of Core Spaces’ and Harrison Street’s existing partnership and the first development projects the groups have jointly pursued.
Prominently located at the intersection of Daniel Street and 6th Street, Hub on Campus Champaign will feature a 13-story, 394,000 gross square foot, 569-bed mixed-use high rise, and is conveniently located across the street from the Main Quad. The property also includes 9,000 square feet of retail space and 100,000 square feet of Class A office space already leased to the University of Illinois. The development will be open before the start of the 2021-2022 academic year.
The six-story Auburn development comprises over 625,000 square feet and will include 887 student housing beds. Located one block away from the heart of campus at Cox Street and West Glenn Avenue, the property will open by the start of the 2022-2023 academic year.
“We partner with companies that are culturally compatible and aligned with our long-term strategic objectives,” said Marc Lifshin, Founder and CEO of Core Spaces. “We’re excited to continue building on our relationship with Harrison Street and deliver best in class products to these university markets together.”
Core Spaces leads innovative design in student housing by creating spaces that help students thrive at college, with concierge services, exciting events, and opportunities for their personal and professional growth.
Christopher Merrill, Harrison Street’s Co-Founder, Chairman, and Chief Executive Officer, said, “We are excited to expand our relationship with Core Spaces to provide students attending the University of Illinois at Urbana-Champaign and Auburn University with high-quality living arrangements, thoughtful design and easy access to campus. We look forward to furthering our long-term partnership with Core Spaces as we continue to identify and invest in attractive student housing markets.”
TSB Capital Advisors consulted on the joint ventures.
"Relationships have always been the most important part of our business, and we've been actively involved with Core and Harrison Street for years," said Timothy S. Bradley of TSB Capital Advisors. "The strength of those long-standing relationships really came through in the execution of this venture during the most uncertain times of the early pandemic, when capital markets were most challenging. We're proud to work with such trusted partners as Core and Harrison Street, and to help make this phenomenal deal happen."
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 community focus, Core creates spaces where people want to be. 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 31 properties nationwide–totaling more than 15,000 beds–and has a pipeline of over 25,000 beds in various stages of development. Its values focus on cooperation, drive, resilience, compassion, and curiosity. https://corespaces.com.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since its inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences, and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 170-employees and approximately $27.3 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, and Asia. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last six consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
About TSB Capital Advisors
TSB Capital Advisors is the national leader in student housing real estate advisory services and has offices in Phoenix, Arizona (HQ), and Paoli, Pennsylvania. For the last three years, the firm ranked first in student housing financing volume. Since its creation in 2009, TSB Capital Advisors has helped close nearly 300 deals and more than $20 billion in student housing and multifamily transactions. Its affiliate company, TSB Realty, is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional, multifamily communities. For more information, please visit http://www.tsbca.com.
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For Core Spaces:
For Harrison Street:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
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