Core Spaces has broken ground on Hub Athens Dougherty, a 536-unit, 1,656-bed student housing community near the University of Georgia, according to a July 27 press release shared with Multifamily Dive.
Chicago-based real estate developer Core Spaces, which specializes in student housing and build-to-rent single-family homes, is converting a hotel site into new student housing via a public-private partnership with Athens-Clarke County, per the release. Project plans also include community benefits.
Hub Athens Dougherty will be a mid-rise development offering a mix of floor plans ranging from studio to five-bedroom units, with premium layouts as well as more affordable options, according to the release. It will include more than 27,000 square feet of interior amenities plus exterior facilities like study lounges, group study rooms, fitness and wellness areas, a resort-style rooftop pool and common spaces “designed to foster connection and community.”
The development agreement contains several initiatives aimed at supporting downtown mobility and preserving key historic buildings, including:
- A 400-stall public parking deck to serve downtown Athens.
- Roughly 16,000 square feet of new retail, including 5,000 square feet of “below-market” community-targeted retail.
- Water and sewer infrastructure to facilitate new affordable housing.
- Streetscape enhancements to support the Jackson Street Art Walk.
- Preservation and revitalization of the historic Foundry building.
- Relocation and reconstruction of the historic Hoyt House.
- A new public plaza.
Core Space’s strategy is centered on selectivity and identifying markets with strong fundamentals and favorable supply-demand dynamics, according to Joe Gatto, senior managing director of acquisitions at the firm.
“We continue to focus on Tier 1 university markets with strong enrollment growth, Power 4 athletic programs, and meaningful barriers to entry. Those characteristics have consistently supported long-term performance,” Gatto told Multifamily Dive in emailed comments. The firm has done multiple hotel-to-housing conversions in other markets, he said.
Core Spaces’ development and design partners include Mallory & Evans, JNS Realty, Northworks Architects, Studio BNA and Harken Interiors.
A joint venture between Core Spaces and Atlanta-based Juneau Construction Co. is leading construction, while financing was provided by Affinius Capital and arranged by TSB Capital Partners, per the release. The project is slated for delivery in 2028.
Core Spaces has been active in the student housing space this year. In March, it bought The Collective at Columbia, a 318-unit, 972-bed student housing community near the University of Missouri, from Preiss and a real estate fund advised by Crow Holdings Capital.
In May, Core Spaces closed its latest flagship fund with approximately $1.64 billion in total capital commitments from global investors, according to a press release. The firm said it represents one of the largest dedicated capital raises in the student housing sector.
Editor’s Note: This article has been updated with comments from Joe Gatto.
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