Core Spaces Announces Closing of $300+ Million Income-Producing Portfolio of Four Student Housing Communities for Core University Living Real Estate Income Trust

CHICAGO--(BUSINESS WIRE)--Core Spaces (“Core”), a vertically integrated real estate investment manager, developer and operator, today announced the closing of a four-property portfolio of purpose-built student housing communities totaling more than $300 million in value. The portfolio is being acquired by Core University Living Real Estate Income Trust (“CUL REIT”), a perpetual life non-listed REIT focused on stabilized student housing investments.

The portfolio consists of more than 2,000 beds across four communities located adjacent to leading public universities. The portfolio has an average vintage of approximately eight years and is 99% occupied currently, and fully pre-leased for the 26/27 academic year.

The portfolio is part of the firm’s core/core plus investment strategy focused on long-term ownership of stabilized communities and builds on the firm’s track record of investing in high-quality assets at “Tier 1” university markets anchored by Power 4 conference schools. The portfolio is expected to be managed through Core’s vertically integrated platform, which includes investment management, asset management, development and operations capabilities.

“CUL REIT and this transaction reflect Core’s strong conviction in the fundamentals of student housing and our commitment to owning high-quality assets over the long term,” said John Wieker, Chief Investment Officer at Core Spaces. “We remain focused on continuing to grow our platform by executing differentiated, pure-play stabilized student housing strategies while advancing our development and acquisition pipelines and leveraging the strength of our vertically integrated platform.”

“Core’s research-driven market selection, “main and main” philosophy, and fully integrated platform spanning development, operations, and asset management, directly align with CUL REIT's long-term objectives,” said Colin Armstrong, Portfolio Manager at Core Spaces. "We believe this integration supports stronger execution at the property level while continuing to elevate the resident experience."

About Core Spaces

Core Spaces (Core) is more than a real estate company; it’s a people company. Building relationships is just as important as building properties. From researchers and architects to designers and operators, Core is made up of risk-takers and dreamers on a mission to invent the future of living. Everything Core does stems from a culture of collaboration and innovation, with a drive to constantly improve the resident experience.

Founded in 2010, Core is a vertically integrated real estate investment manager focused on acquiring, developing and managing across the student housing and build-to-rent (“BTR”) sectors. Its residential communities feature world-class amenities, progressive design, and hospitality-driven service. Core’s student housing portfolio includes over 74,440 beds currently owned or managed, with a pipeline of 53,860 beds in various stages of development. Core’s BTR division has over 3,000 homes under development, now leasing or in its pipeline in high-growth metros nationwide. For more information, visit www.corespaces.com.

Important Notice

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities.