TSB Capital Advisors consults on joint venture partnership, arranges acquisition financing for student housing at University of Oregon

Rive Eugene PR

PAOLI, PA TSB Realty successfully completed the sale of Identity Eugene, a 209-unit, 686-bed luxury student housing property located near the University of Oregon in Eugene, Oregon. A joint venture between Core Spaces and Harrison Street purchased the property from an undisclosed buyer and announced it has been rebranded as The Rive Eugene.

In addition to TSB Realty brokering the sale, TSB Capital Advisors consulted on the joint venture partnership and arranged the acquisition financing with accounts managed by KKR.

“We are extremely bullish on Eugene’s fundamentals and think that Core Spaces and Harrison Street are poised to reap the benefits of a well-located asset in a rapidly growing flagship university market with minimal supply in the pipeline,” said Timothy S. Bradley, a principal with TSB Realty and the founder of TSB Capital Advisors. “We’re proud to successfully execute on a transaction that is accretive for all sides, including many of our longest-standing relationships, and we’re excited to see the realization of value generation we believe is inherent in this opportunity.”

Situated on the northwestern edge of the University of Oregon campus, The Rive Eugene is located near key university buildings and walkable to the city’s best restaurants, shops, and entertainment destinations. The property offers units ranging from studios to five-bedrooms, with an emphasis on four-bedroom and five-bedroom floorplans that are highly desired in the market. The community also boasts a variety of amenities, including a resort-style rooftop pool and hot tub, state-of-the-art fitness center, roof deck with fire pits and outdoor grilling, clubroom with games and private workspaces.

This transaction further expands Harrison Street’s joint venture with Core, which currently spans over 8,800 beds on 11 campuses. It provides the partnership with access to a Tier 1 University with both strong enrollment growth and limited new housing supply. The University of Oregon, which currently serves over 23,000 students, has experienced tremendous enrollment growth of 6.5% since 2020 and had its largest freshman classes in school history over the past two years, with 4,617 students and 5,338 students respectively.

Harrison Street is a leader in the purpose-built student housing market and one of the largest private owners of student housing globally. Since inception, Harrison Street has invested over $21 billion across 400 properties, totaling more than 220,000 beds in education and student housing assets at leading universities throughout North America and Europe. During this period, the firm has sold 200 student housing properties for a gross cost value of over $8.2 billion.

Founded in 2010, Core Spaces is a vertically integrated company, focused on acquiring, developing, and managing residential communities that feature world-class amenities, progressive design, and hospitality-driven client service. The Core ecosystem includes student housing, build-to-rent single family homes and credit. In its award-winning student portfolio, Core currently owns and/or manages over 23,600 beds and has a pipeline of over 35,500 beds. In 2020, Core launched its build-to-rent division with a pipeline of over 8,000 homes in high growth metros across the country.

TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed over $9.2 billion in student housing sales for a diverse client base, encompassing more than 70,000 beds from tier 1 markets to tertiary markets.

TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, with offices in Phoenix, Arizona (headquarters) and Paoli. Since its creation in 2009, TSB Capital Advisors has helped close over 500 deals and more than $56 billion in student housing and multifamily transactions.

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