Core Spaces and Harrison Street have acquired Identity Eugene, a 209-unit, 686-bed student housing community in Eugene, Oregon, adjacent to the University of Oregon. In conjunction with the acquisition, Core has rebranded the property to The Rive Eugene, joining the company’s new and growing brand of amenities and purpose-built student housing acquisitions. The transaction further expands Harrison Street’s joint venture with Core, which spans over 8,800 beds on 11 campuses.
According to a joint press release from Core Spaces and Harrison Street, The Rive Eugene is located near crucial university buildings and is walkable to the city’s best restaurants, shops, and entertainment destinations. The property offers studios to five bedrooms, emphasizing four- and five-bedroom units. The community is up-to-date on amenities, including a resort-style rooftop pool and hot tub, a state-of-the-art fitness center, a roof deck with fire pits and outdoor grilling, a club room with games, and private workspaces.
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U of O, whose current enrollment is 23,000 students, has experienced tremendous growth of 6.5% since 2020. The institution had its largest first-year classes in history over the past two years, with 4,617 students and 5,338 students, respectively.
Justin Gronlie, a Managing Director and Head of North American Education Transactions at Harrison Street commented, “The Rive Eugene is a strong addition to our student housing portfolio and expands our successful partnership with Core Spaces. The investment reflects Harrison Street’s continuing focus on high-quality student housing proximate to selective universities that generate outsized results for their students.”
Since its inception, Harrison Street has invested over $21 billion across 400 properties, totaling more than 220,000 beds in education and student housing assets at leading universities throughout North America and Europe. During this period, the firm sold 200 student housing properties for a gross cost value of over $8.2 billion.
About Core Spaces: Core Spaces (Core) is more than a real estate company; it’s a people company. Building relationships is just as crucial as building properties; from researchers and architects to designers and operators, Core is made up of risk-takers and dreamers on a mission to invent the future of living. Everything Core does stems from this culture of collaboration, innovation, and the drive to improve the resident experience constantly. This unique approach has led to the creation of spaces and services that redefine how people live. Founded in 2010, Core Spaces is a vertically integrated company focused on acquiring, developing, and managing residential communities with world-class amenities, progressive design, and hospitality-driven client service. The Core ecosystem includes student housing, build-to-rent (“BTR”) single-family homes, and credit. The Core currently owns and/or manages over 23,600 beds in its award–winning student portfolio and has a pipeline of over 35,500 beds. In 2020, Core launched its BTR division with a pipeline of over 8,000 homes in high-growth metros nationwide. For more information, visit www.corespaces.com.
About Harrison Street: Harrison Street is one of the leading investment management firms that are exclusively focused on alternative real assets. Since its inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested in senior housing, student housing, healthcare delivery, life sciences, storage real estate, and social and utility infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe, and Asia, the firm has over 280 employees and approximately $56 billion in assets under management. (Assets under management “AUM” reflect AUM for the firm’s investment advisory and asset management clients and include the regulatory AUM reported in its Form ADV.) Clients of the Firm include a global institutional investor base domiciled in North America, Europe, the Middle East, Asia, and Latin America. Harrison Street was awarded Best Places to Work by Pensions & Investments for nine years (2014-2020, 2022, 2023) and has won multiple awards from PERE, including five for the 2022 Awards: Alternatives Investor of the Year – Global, Industry Figure of the Year- Global, Residential Investor of the Year – Global, Data Centers Investor of the Year – Global, and Residential Investor of the Year- North America. For more information, please visit www.harrisonst.com.