Core Spaces has formed a partnership with affiliates of the Merchant Banking Division of Goldman Sachs (NYSE: GS) to recapitalize and develop a portfolio of nine assets, valued at more than $600 million.
“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 Marc Lifshin, Core Spaces' Founder and CEO.
The portfolio consists of seven operating assets and two buildings under development – totaling over 4,300 beds. Goldman Sachs and Core Spaces view this initial transaction as the first step towards their commitment to building a joint-venture portfolio of best-in-class housing assets 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.
“We continue to see strong fundamentals for student housing investment i
