Core Spaces Lands Financing for Student Housing Project
Serving the University of Michigan, the community will comprise more than 1,000 beds.
Core Spaces has obtained construction financing for the development of Hub Packard, a more than 1,000-bed student housing community in Ann Arbor, Mich., serving the University of Michigan. QuadReal Property Group provided the loan.
The project is scheduled to break ground soon, with completion expected in June 2027, in time for the academic year. Partners on the development include Schenk Realty, architecture firms DLR Group and J Bradley Moore and Associates, according to MLive Media Group.
The 15-story building will rise on the combined site of 12 properties at 740 Packard St. and will be within walking distance of the University of Michigan at Ann Arbor campus. Downtown Ann Arbor will be 1 mile away, while downtown Detroit will be 44 miles northeast.
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The development will feature 376 apartments varying from studios to six-bedroom floorplans, the same source shows. The project will also have first-floor retail space and underground parking.
Common-area amenities will include a fitness center, swimming pool and spa with sundeck, lounge area and barbecue stations, yoga and meditation room, dog run and spa, as well as private study rooms.
Core Spaces’ growing student housing inventory
Core Spaces’ current student housing portfolio comprises 62 communities totaling 24,000 beds and units. Last year, the firm partnered with RD Management to develop the student housing component of Rithm, an approximately 100-acre mixed-use project in Tampa, Fla. Upon completion, the project will comprise up to 3,000 beds, 10,000 square feet of retail space and 150 conventional units.
The firm is also working on expanding its footprint in Midwest and Southeast. The developer is planning three Madison, Wis., communities that will create about 4,000 beds and one project in Knoxville, Tenn., that will add 800 beds.
