August 13, 2019
Chicago-based Core Spaces is partnering with Goldman Sachs’ merchant banking division to recapitalize and develop a portfolio of nine student housing assets, valued at more than $600 million. The portfolio across six states includes seven operating assets and two buildings under development, under Core Spaces’ Hub on Campus, State on Campus and Collective brands.
Goldman Sachs and Core Spaces view this initial transaction as the first step toward their commitment to building a joint-venture portfolio across the U.S. This relationship is a continuation of a trend in the institutionalization and maturation of the student-housing industry, and another substantial commitment by a leading investor in the sector, the two companies said.
“Our partnership with Goldman Sachs allows us to continue to develop and manage what we feel is the best real estate in the educational sector,” said Core Spaces CEO Marc Lifshin.
Pictured: Hub on Campus in East Lansing, MI
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