Core Spaces Acquires $300M Student Housing Portfolio for Perpetual-Life REIT

Core Spaces has completed the acquisition of a four-property, purpose-built student housing portfolio valued at more than $300 million, expanding the holdings of Core University Living Real Estate Income Trust (CUL REIT), the firm’s perpetual-life non-listed REIT focused on stabilized student housing assets.

The portfolio comprises more than 2,000 beds across four communities located adjacent to major public universities. The properties have an average age of approximately eight years, are currently 99% occupied, and are fully pre-leased for the 2026-2027 academic year.

The acquisition aligns with Core’s core and core-plus investment strategy, which emphasizes long-term ownership of stabilized student housing communities in top-tier university markets. The portfolio is concentrated near Power 4 conference schools and will be managed through Core’s vertically integrated operating platform.

“CUL REIT and this transaction reflect Core’s strong conviction in the fundamentals of student housing and our commitment to owning high-quality assets over the long term,” said John Wieker, chief investment officer at Core Spaces.

Founded in 2010, Core Spaces currently owns or manages a student housing portfolio comprising more than 74,440 beds, with an additional 53,860 beds in various stages of development. The firm’s build-to-rent division also has more than 3,000 homes under development, currently leasing or in its pipeline across high-growth metropolitan markets.

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