CHICAGO & BOCA RATON, Fla. & PHOENIX & BLACKSBURG, Va.--(BUSINESS WIRE)--Core Spaces and Kayne Anderson Real Estate announce a new joint venture partnership with the development of Hub on Campus Blacksburg student housing community. The 500-unit, 1,530-bed development is planned near the Virginia Tech campus in Blacksburg, Virginia. It will be delivered in two phases, with the first scheduled for completion in Fall 2021 and the second to be delivered Fall 2022.
The parties involved expect Hub on Campus Blacksburg to be Virginia Tech's premier off-campus student housing option. It will feature best-in-class finishes, a distinct design, and an ideal location within walking distance of the campus and local nightlife. Community amenities will include: a resort-style pool, fitness center, weight room, study lounges, walking paths and a 1,110-space parking garage.
TSB Capital Advisors consulted on the formation of this joint venture, and its affiliate, TSB Realty, successfully arranged the sale of the site to the new venture on behalf of The Reliant Group.
“Blacksburg is a great fit for a Hub on Campus property. We are excited to partner with Kayne Anderson to provide an unparalleled living community to Virginia Tech students,” says Core Spaces Founder and Chief Executive Officer Marc Lifshin.
“We spent the last four years looking for the right opportunity for Core Spaces and Kayne Anderson to partner, and Blacksburg is the culmination of that effort,” says Timothy S. Bradley, founder of TSB Capital Advisors and a principal of TSB Realty. “The execution required a focused effort on everyone’s behalf and the teams were able to execute on the closing.”
“We are excited to partner with Core Spaces after following their team, culture, and product for many years,” adds Craig Zogby, managing director, Kayne Anderson Real Estate. “Hub on Campus Blacksburg is an exciting venture between Kayne Anderson Real Estate and Core Spaces, bringing together two companies with exceptional experience in the student housing space.”
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 has developed and/or owned 32 properties nationwide – totaling approximately 17,000 beds – and has a pipeline of over 15,000 beds in various stages of development.
Kayne Anderson Real Estate (KA Real Estate) is a leading real estate private equity investor in off-campus student housing, senior housing and medical office buildings. KA Real Estate has raised dedicated real estate private equity funds totaling over $7 billion in commitments and is part of Kayne Anderson Capital Advisors, L.P., a $31 billion alternative-investment management firm with more than 30 years of successful experience in the energy, infrastructure, growth capital, real estate, and middle market credit sectors.
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 $17 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.
Hub on Campus Blacksburg renderings available