Core Spaces Pays $77M for South Carolina Student Housing Asset
Clemson Lofts previously traded in 2021 for $49.2 million.
Core Spaces has acquired Clemson Lofts, a 641-bed student housing property in Clemson, S.C. for $77 million, according to Yardi Matrix data. Realco Capital Partners and Arcapita Group Holdings were the sellers. Walker & Dunlop, together with TSB Capital Advisors, arranged the deal and secured the $50.1 million acquisition loan by KKR. The asset previously changed hands in 2021 for $49.2 million, the same data provider shows.
Located at 111 Cochran Road, the property is roughly 1 mile from Clemson University, the second largest university in South Carolina and one of the top 30 public universities in the U.S. Clemson Lofts provides access to Clemson Memorial Stadium, Lake Hartwell, South Carolina Botanical Garden, All In Coffee Shop, The Esso Club and TD’s of Clemson. Additionally, the community has two CAT bus stops onsite.
Completed in 2015, the 14-building property features 232 one-, two-, three- and four-bedroom units, ranging from 700 to 2,095 square feet. Amenities include a collaboration lounge, private and group study spaces, an outdoor yoga space, ping pong and billiard tables, a computer lab, a clubhouse, a swimming pool with tanning beds, a hot tub and a dog park.
The Walker & Dunlop team included Directors Craig Miller and Matthew Chase, Managing Director Chris Epp, Senior Analyst Holden Penn, Analyst Ben Sarna, Senior Administrative Assistant Sarah Foronda, Senior Managing Director Will Baker and Senior Director William Shell.
Core Spaces delivers new student housing properties
The deal comes on the heels of Core Spaces opening Hub College Park, a 475-bed community in College Park, Md. Located near the University of Maryland, the 239,542-square-foot property comprises nine buildings.
Also in September, the company delivered Hub Atlanta, a 792-bed student housing community in Midtown Atlanta. Located near the Georgia Institute of Technology campus and Georgia State University, the property rises 19 stories.