Student housing developer and operator Core Spaces has formed a partnership with Goldman Sachs to recapitalize and develop a portfolio of nine properties valued at more than $600 million.
The assets consist of seven operating properties and two buildings under development, with a total of more than 4,300 beds catering to students at universities across the South, West and Midwest United States.
The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched $2.5 billion real estate investment fund for the Core student housing portfolio.
Core will keep a small ownership percentage in the portfolio and keep the assets under its management.
The operating properties that are part of the deal include three communities that opened in fall 2018: Hub Orlando (745 beds); Hub Tuscaloosa (486 beds); and State Tuscaloosa (174 beds).
The portfolio also includes four properties that opened for occupancy for the fall 2019 semest
