TSB Capital Advisors serves as financial consultant on new $400 million student housing partnership

Los Angeles — Ares Management Corporation and Core Spaces, a leading real estate company and student housing developer, owner and operator, announced today a partnership through funds managed by the Ares Real Estate Group to acquire a portfolio of five purpose-built student housing assets valued at over $400 million.

TSB Capital Advisors acted as financial advisor to Ares and Core Spaces.

The portfolio represents the initial transaction for the partnership that will seek to grow an attractive student housing portfolio targeting premier college and university markets across the U.S. The acquired properties are high quality student housing assets totaling approximately 2,700 beds and include attractive amenities for residents.

“We’re excited to partner with Core Spaces and add these five newly constructed properties to Ares’ strong and growing U.S. multifamily portfolio, which today includes approximately 25,000 units across over 85 properties. This transaction highlights Ares’ ability to transact across the risk/return spectrum through our well capitalized core, value-added, and opportunistic investment programs,” said David Roth, Head of U.S. Real Estate Equity in the Ares Real Estate Group. “Our in-house experience owning, developing and lending on student housing properties gives us great perspective into the relative value in the sector compared to the broader multifamily universe, and we believe this transaction was the perfect opportunity to capitalize on that insight.”

“We are proud to partner with Ares and capitalize on the strong market backdrop supporting U.S. purpose-built student housing investment adjacent to Tier 1 universities,” said Marc Lifshin, Co-Founder and CEO of Core Spaces. “We look forward to continuing to work with Ares to grow a premier portfolio in this attractive real estate sector.”