TSB Capital Advisors consults on new $600 million student housing portfolio

CHICAGO and NEW YORK CITY — Student housing developer Core Spaces has created a new joint venture partnership with Goldman Sachs to recapitalize and develop nine student housing properties valued at $600 million. The portfolio consists of seven operating properties and two projects under development, for a total of 4,358 beds.

TSB Capital Advisors assisted both parties with the deal.

The operating properties that are part of the deal include three that opened in fall 2018: Hub Orlando(745 beds); Hub Tuscaloosa (486 beds); and State Tuscaloosa (174 beds). They also include four properties opened for occupancy this fall: Hub Tucson III (186 beds); Hub West Lafayette (608 beds); Hub Lexington Upper (492 beds); and Hub East Lansing (577 beds). In addition, the deal includes two properties under development, OLIV Tucson Main Gate (605 beds) and Hub Tucson Park Avenue (485 beds).

Timothy S. Bradley, founder and principal of TSB Capital Advisors, told Student Housing Business magazine:

“TSB Capital has been working strategically with Core Spaces to find the right partner for a long-term ownership model — and with Goldman Sachs, we found the perfect fit. Both companies are best-in-class and we expect the joint venture to continue its growth in 2019 and beyond.”

More information about the deal can be found from The Wall Street Journal, REBusiness Online, Student Housing Business magazine and MultiHousing News.