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Student Housing Daily - June 24 - Core Spaces acquires South Carolina property

Student Housing Daily - June 24 - Core Spaces acquires South Carolina property

Transwestern brokers $26.25M sale. Madison Realty lends $57M. Parallel and Kayne Anderson break ground on 23-story tower. National student housing report June 2025. Four new student housing deals.

Aid Sopjani & Matt H
June 24, 2025

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NEWS ROUNDUP

ACQUISITION: Core Spaces acquires South Carolina property. Core Spaces has acquired The Nine at Columbia, a 486-bed, 141-unit student housing property adjacent to the University of South Carolina. The 2021-built community offers three- to five-bedroom units and townhomes, and was fully occupied at the time of sale. Amenities include a resort-style pool, gym, fire pit, game area, dog park, clubhouse, and private workspaces. The seller and transaction terms were not disclosed. Core Spaces noted Columbia’s strong enrollment growth and high demand for premium student housing as key drivers behind the acquisition.

DISPOSITION: Transwestern brokers $26.25 million sale. Transwestern has brokered the sale of Monarch 815, a 576-bed student housing property in Johnson City, Tennessee, across from East Tennessee State University. The $26.25 million sale—about $45,572 per bed—was executed via the RI Marketplace auction platform. Transwestern’s Mike McGaughy, Jon Kleinberg, and Bradley Fulkerson represented the seller, 1109 University Parkway Holdings. Atlanta-based Logen Capital was the buyer. Built in 2014, Monarch 815 includes 176 fully furnished units across four buildings and features a pool, fitness center, yoga studio, dog park, and in-unit washers and dryers.

FINANCING: Madison Realty lends $57 million for New York student housing project. Madison Realty Capital has provided a $57 million loan to Aptitude Development for The Marshall, a 195-unit, 516-bed student housing project near Binghamton University. The five-story building—just 500 feet from campus—is set to open for the 2027–2028 academic year. The project will offer studio to four-bedroom apartments and amenities such as fitness centers, study areas, and community lounges.

DEVELOPMENT: Parallel and Kayne Anderson break ground on 23-story tower. Parallel and Kayne Anderson have closed financing and begun construction on a 23-story student housing tower in College Station’s Northgate district. BMO Bank, N.A. provided the construction loan. Set to open in summer 2027, the 500-bed project will offer 148 units in studio to five-bedroom layouts, including townhome-style options. It marks Parallel’s third student community near Texas A&M University. David Pierce, principal at Parallel, called the project “transformative” for the campus area. The team includes Rhode Partners, A Royal Interiors, Mitchell & Morgan, RLG Consulting Engineers, Roger's O'Brien, Power Design Inc., and Kilgore Mechanical.

READ: National student housing report June 2025.

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