CHICAGO – Core Spaces, the vertically integrated real estate developer, operator and investment manager, in partnership with Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $55 billion in assets under management, today announced the closing of Hub Bloomington II, a 1,492-bed purpose-built student housing community near Indiana University.
TSB Capital Advisors consulted on the joint venture and arranged the financing from affiliates of QuadReal Property Group (QuadReal), a global investment, development and operating company.
Located on Lincoln Street, within the university’s designated mixed-use student housing zone, the five-story development is planned to include 461 units ranging from studios to five-bedroom apartments. It is also expected to feature approximately 34,000 square feet of indoor and outdoor amenity space—including a top-grade fitness center, rooftop basketball court, quiet and tech-enabled study areas, and a spa complete with a sauna.
“Strong student housing fundamentals and Hub’s location present a very compelling opportunity for us to grow our footprint in Bloomington. We are grateful for the opportunity to deepen our relationships with Harrison Street, QuadReal, and TSB Capital on this exciting project,” said Brendan Miller, Chief Investment Officer, Student Housing at Core Spaces.
“We are excited to partner on our second trophy asset with Core Spaces in Bloomington. Upon delivery, this asset will offer features that reflect where we have seen the most success within our portfolio: a pedestrian location, curated amenities, and a unit mix featuring diverse price points,” said Justin Gronlie, Head of Education Transactions–North America at Harrison Street. “This investment reflects our focus on the education sector and selective universities that offer strong outcomes to their students.”
Over the last 20 years, Harrison Street has demonstrated expertise as a leader in the purpose-built student housing market, now one of the largest private owners of student housing globally. The firm has invested over $22.9 billion across 417 properties, totaling more than 223,000 beds within the student housing sector throughout North America and Europe.
“We’re proud to have successfully closed Hub Bloomington II, representing one of Core’s largest off-market assemblages — bringing together more than 20 parcels across nearly 7 acres. This scale of land assembled enables us to deliver a leading purpose-built student housing property at a basis that aligns with the current conditions in today’s marketplace,” said Austin Pagnotta, Director of Acquisitions at Core Spaces.
Construction began in May 2025, with completion slated for Summer 2027 ahead of the academic year. Wells & Wells is serving as general contractor, and DLR Group is leading architecture and design.
“This highlights QuadReal’s’ high conviction strategy and its growing global residential and alternative portfolios. We are pleased to work with partners like Core Spaces, Harrison Street and TSB Capital advisors, who are equally committed to delivering quality student accommodations in targeted communities, like Indiana University,” said Paul Stern, Senior Vice President, U.S. Debt Investments at QuadReal.
