Residential real estate developer, owner and operator Core Spaces and equity partner GEM Realty Capital acquire Clemson Lofts, a student housing community in Clemson, South Carolina, which is adjacent to Clemson University. Financing was provided by accounts managed by KKR.
Clemson Lofts is located at 111 Cochran Road, directly north of Tiger Boulevard, which is the main entry way into Clemson University which enrols 28,000 students and includes popular retail and restaurants. The 19 acre scheme includes 14 separate residential buildings and a clubhouse.
Plans include 641 student beds – a mix of one, two, three and four bedroom units, fully furnished with appliances and modern furniture. With high-end finishes, accommodation has spacious living areas and ample of storage space. Amenities include a resort style pool and hot tub, fitness centre, outdoor yoga space, dog park, communal clubhouse, private study rooms and more.
Originally built in 2015, renovation of the amenity spaces and select units at Clemson Lofts started in 2021, and Core Spaces and GEM Realty Capital will renovate the remaining units in summer 2024. The scheme is currently 100% occupied for the 23/24 academic year and is currently leasing for 2024-25.
“The growth of our acquisition’s platform is predicated on finding great communities in Tier 1 University markets. We believe the value-creation opportunities at Clemson Lofts amidst the strong fundamentals of Clemson University fit our program well. We’re also thrilled to begin our partnership with GEM who shares our vision for investing in well-positioned student housing communities and providing high quality living experiences to our residents.”Brendan Miller, Chief Investment Officer of Student Housing, Core Spaces
Core Spaces continues to build its portfolio of student housing communities with both ground up developments and stabilised acquisitions across the country. The company currently owns and/or manages over 23,600 beds and has a pipeline of over 35,500 beds including new development and acquisitions.