Core Spaces to Build 1,047-Bed Orange County Student Community
Earlier this year, the developer paid a combined $33.3 million for the development parcels.
Photo by Marcus Loke via Unsplash.com
Core Spaces has unveiled plans for Hub Fullerton, a 1,047-bed student housing development in Fullerton, Calif., Student Housing Business reports. Together with partner Amplify Development, the company plans to break ground on the project later this year.
Orange County records show that Core Spaces acquired three land parcels in March and April for the development, for a total of $33.3 million. Prospect Bank provided a $12.6 million acquisition loan, set to mature in 2023, according to the same data provider.
Scheduled for completion in 2025, the mixed-use community will span 3.6 acres, and is set to encompass a six-story building with 377 units varying from studios and townhouses, to two- to four-bedroom floorplans. Part of the apartments will be set aside as affordable workforce housing. Community amenities are slated to include a resident lounge, rooftop deck, swimming pool, yoga and fitness center, as well as more than 12,000 square feet of retail space.
Located at 2601, 2701 and 2751 E. Chapman Ave., Hub Fullerton will be less than half a mile from the California State University at Fullerton campus and Titan Sports Complex, as well as Hope International University. Chapman Avenue Shopping Center and other retail and dining options will be roughly half a mile from the development, as well.
Milender White serves as the general contractor for the project, with DLR Group leading the architectural efforts.
Focus on student housing development
Currently, Core Space’s portfolio includes 52 properties totaling more than 10,850 units across major school markets, with 5,267 units in various stages of development, Yardi Matrix data shows.
Hub Fullerton is not the first collaboration between Core Spaces, Amplify Development and Milender White. Last year, the trio began work on Hub on Campus II, a 577-bed community serving the students at USC in Los Angeles.
In May, the company teamed up with Tom Winkopp Development to build one of the largest privately owned, off-campus student developments in the country. The Pier will be a 140-acre walkable student housing village adjacent to Clemson University in Clemson, S.C., that will encompass 4,000 beds. The $200 million project is scheduled for completion before the 2024-2025 academic year.
