Core Spaces, a developer, owner and operator of mixed-use properties in educational markets, announced has formed a new joint venture with two of the largest global commercial real estate investors. The JV partners weren’t identified.
The JV’s objective is to acquire and operate a diversified portfolio of student-oriented residential real estate in leading university markets across the U.S. The partnership has initially committed to acquiring more than $1 billion of assets to establish the portfolio. Chicago-based Core Spaces will manage and operate the portfolio on behalf of the joint venture.
“The venture enables Core to selectively grow our best-in-class portfolio and provide residents with an unmatched living experience,” said Core Spaces CEO Marc Lifshin. “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.
Pictured: Core Spaces' Hub on Campus in East Lansing, MI.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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