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

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

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.