CHICAGO — Core Spaces and TPG Real Estate Partners announced the development of Hub Raleigh, a 665-unit, 2,195-bed purpose-built student housing property in Raleigh, near the North Carolina State University main campus.
TSB Capital Advisors acted as financial advisor to Core Spaces and TPG on the venture and construction financing, which was provided by PacLife.
The nearly one million square foot project is currently under construction and slated to be completed by Summer 2026 ahead of the 2026-27 school year. PC Treehouse Construction is serving as general contractor for the project. Architecture is being led by Antunovich Associates and Harken will provide interior design services in collaboration with Core’s in-house team.
Hub Raleigh marks Core’s first new development in Raleigh, North Carolina. Located at 111 Cox Ave, the project is conveniently positioned near NC State’s main campus and popular nightlife attractions. The 12-story building will feature a mix of studios through four-bedroom floor plans, each fully furnished with modern furniture and appliances, and high-end finishes. The community will boast the largest amenity package across Core’s student housing portfolio with 20,000 square feet of interior amenity space and 26,000 square feet of exterior amenity space, including a resort-style pool and hot tub, fitness center, fire pit, outdoor kitchen & grilling area, communal clubhouse, coworking space and more. The community will also feature a 558-stall parking garage.
“Hub Raleigh represents one of Core’s largest deals to date and was one of the single largest asset capitalizations in the student housing sector for the year 2023, underscoring the project’s significance market-wide,” said Brendan Miller, Chief Investment Officer of Student Housing at Core Spaces. “We’re thrilled to kick-off our partnership with TPG, and we’re proud to join the great NC State community in a big way by delivering not only a project of this scale, but a project that we’re confident will add value to the market for years to come.”
“The size of this deal is a testament to the overall strength and continued ascent of the student housing sector,” said Ian Bradley of TSB Capital Advisors. “Hub Raleigh represents what we believe will be the first of many such opportunities for this exciting new venture.”
This project joins Core’s award-winning portfolio of student housing communities with both ground-up developments and stabilized acquisitions across the country. Core currently owns and/or manages over 38,600 beds and has a pipeline of over 43,000 beds in various stages of development.
More information on the deal can be found at Student Housing Business magazine, Real Estate Business Online, and ConnectCRE.
