Student housing developer and operator Core Spaces has sold The Dean, a new 672-bed community serving the University of Illinois at Urbana-Champaign campus, to GMH Capital Partners and AGC Equity Partners. The seller started construction of the 17-story building in Champaign, Ill., in fall 2018 and completed the property this summer.
The Dean spans 240,737 square feet at 708 S. Sixth St., neighboring the public research university and within walking distance of the area’s drinking and dining establishments and event venues. Units in the community average 683 square feet and feature private bathrooms and modern finishes. The high-end amenity package includes a full fitness center, pool, hot tub, rooftop sundeck and outdoor lounge as well as multiple study lounges.
Founded in 2010, Core Spaces has partnered with some of the largest student housing investors in the U.S., including American Campus Communities and EdR, now Greystar. The company teamed up with Goldman Sachs in July of last year to recapitalize and develop a nine-property portfolio valued at more than $600 million, kicking off a joint-venture platform to build student housing across the U.S.
Buyers partner again
GMH Capital Partners acquires, develops and manages student housing assets through its GMH University Housing division, with a track record of more than 85,000 beds owned and/or managed. AGC Equity Partners, a global alternative asset investment firm based in London and the Middle East, manages more than $6 billion in equity capital.
The two companies have previously partnered on student housing acquisitions, including the purchase of Everly on the Loop, a 428-bed community near Washington University in St. Louis, in November of last year. In January 2019, the duo acquired Aspen Lincoln, a 182-unit student housing community serving students at the University of Nebraska-Lincoln in Lincoln, Neb.