Core Spaces and Harrison Street acquire Rive Eugene PBSA

Core Spaces and Harrison Street acquire Rive Eugene, a purpose-built student accommodation (PBSA) scheme in Oregon.

The Core Spaces and Harrison Street joint venture has acquired the Identity Eugene - now rebranded to The Rive Eugene - in Oregon | PBSA News
The Core Spaces and Harrison Street joint venture has acquired the Identity Eugene - now rebranded to The Rive Eugene - in Oregon.

Residential real estate developer, owner, and operator Core Spaces and investment management firm Harrison Street announce the acquisition of Rive Eugene – a 209-unit, 686-bed student housing development in Eugene, Oregon. Originally named Identity Eugene, the developer has rebranded the building to The Rive Eugene.

The Rive Eugene development contains a mix of bedrooms ranging from studios to five-beds, with an emphasis on four-bedroom and five-bedroom units that are highly desired in the market.

Amenities include a resort-style rooftop pool and hot tub, fitness centre, roof deck with fire pits and BBQ facilities, clubroom with games and private workspaces. The Rive Eugene scheme is also within walkable distance to the city’s best restaurants, shops and entertainment destinations.

Situated adjacent to University of Oregon and nearby key university buildings, the financing for this acquisition was provided by accounts managed by KKR.

“As we continue to grow our acquisitions platform, we remain focused on acquiring communities in strong university markets that have room for continued growth. University of Oregon fits well within our strategy, and The Rive Eugene checks all the boxes in terms of location, quality, amenities and leasing performance. We’re thrilled to add this community to our portfolio and continue our long-standing partnership with Harrison Street.”

Brendan Miller, Chief Investment Officer – Student Housing, Core Spaces

This transaction further expands Harrison Street’s joint venture with Core Spaces, which currently spans over 8,800 beds on 11 campuses. It provides the partnership with access to a Tier 1 University with both strong enrollment growth and limited new housing supply.

University of Oregon, which currently serves over 23,000 students, has experienced tremendous enrolment growth of 6.5% since 2020 and had its largest freshman classes in school history over the past two years, with 4,617 students and 5,338 students respectively.

“The Rive Eugene is a strong addition to our student housing portfolio and expands our successful partnership with Core Spaces. The investment reflects Harrison Street’s continuing focus on high quality student housing proximate to selective universities that generate outsized results for their students.”

Justin Gronlie, Managing Director and Head of North American Education Transactions, Harrison Street

Since inception, Harrison Street has invested over $21bn across 400 properties, totaling over 220,000 beds in education and student housing assets at leading universities throughout North America and Europe.