Student Housing Community Marks First Buy for Core Spaces
FORT COLLINS, CO—Soon to be renovated and rebranded as State On Campus Fort Collins, the three year-old, 665-bed residence is currently 100% occupied and 85% pre-leased for the 2016-17 school year.
By
Natalie Dolce |
nataliedolce |
|
Updated on April 28, 2016
X
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
FORT COLLINS, CO— Core Spaces , a Chicago-based real estate development and management firm known for offering modern, trend-setting student housing with a wide variety of amenities, has acquired a three-year old, 665-bed community at Prospect and College avenues, one block from Colorado State University in Fort Collins. The purchase was the first for Core Spaces since the firm established its acquisitions platform with the hiring of former Harrison Street executive Brian Thompson in September 2015. The firm previously completed six other student housing communities as ground-up developments. “This community was an ideal fit with our objective of adding complementary assets to our portfolio, including not only on- and off-campus student housing, but also potentially campus-adjacent hotels, infrastructure and other education-related real estate,” says Thompson, director of acquisitions. “This was an exciting opportunity to acquire an attractive, well-located, good-performing asset with even greater upside potential.” Core Spaces plans to tap that potential by significantly renovating the five-story building before the start of the fall semester, adding a wide variety of sophisticated indoor and outdoor luxuries with all the comforts of home. “Core Spaces is well known throughout the country for offering exceptional, luxurious housing that fits with today’s college students’ lifestyles,” says Benjamin F. Modleski , Core Spaces’ COO. “We’re modernizing the State on Campus Fort Collins community to ensure that it meets our high standards and will be a place where college students truly want to live.” The community is currently 100% occupied and already 85% pre-leased for the 2016-17 school year. Core Spaces is relocating the fitness center, increasing it to 2,500 square feet, and adding state-of-the-art equipment, free weights, stand-up tanning facilities, a yoga room and a sauna. The company also is improving the three outdoor courtyards with the addition of a hot tub, sand volleyball court, fire pits, barbecue grills, and gaming and gathering areas for relaxing and enjoying the mountain views. Other areas to be improved include the lobby/reception area and offices and the addition of a 313-space parking garage. Finally, the company is expanding the computer lab with new computers, printers, four group study areas and individual study nooks. Modleski noted that the renovation will be well positioned to capitalize on other new developments near Colorado State University that include a new University Hospital and an on-campus football stadium, which is slated for completion in 2017. “CSU and the City of Fort Collins are thriving and regularly adding expanded services and new, updated facilities,” notes Modleski. “Then add in the mountains, the vibrant business district, all of the local attractions and beautiful views, and this area is without compare. At Core Spaces, we are very pleased to be part of such a dynamic community.”
Want to continue reading? Become a Free ALM Digital Reader.
Once you are an ALM digital member, you’ll receive:
Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications
*May exclude premium content
Already have an account? Sign In Now
Join this on-demand webinar to explore best practices in real estate lease administration. Learn how to streamline your operations and achieve cost savings while ensuring compliance with lease accounting standards.
Transform your lease administration. Download this eBook to discover five essential tips that will help you streamline processes, reduce risks, and maximize efficiency.
$1 trillion in loan maturities, occupancy fluctuations and rent growth shifts offer unique challenges and opportunities in the multifamily real estate market. Download this white paper to learn more.
Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!
Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.