Clemson, S.C. — Core Spaces has acquired Clemson Lofts, a 233-unit, 641-bed student housing community in Clemson. GEM Realty Capital joined Core Spaces as equity partner, and KKR provided financing. The seller and price were not disclosed.
Clemson Lofts is positioned directly north of Tiger Boulevard, which is the main entryway into Clemson University and includes the most popular retail and restaurants. The property is spread across 19 acres and includes 14 separate residential buildings and a clubhouse.
The floor plans include one-bedroom through four-bedroom units, each fully furnished with modern furniture and appliances. Features include high-end finishes, spacious living areas and ample storage areas. The community also boasts a variety of amenities, including a resort-style pool and hot tub, fitness center, outdoor yoga space, dog park, communal clubhouse and private study rooms.
Clemson Lofts was originally built in 2015, and amenity spaces and select unit renovations started in 2021. Core and GEM plan to renovate the remaining units in summer 2024.
“The growth of our acquisitions platform is predicated on finding great communities in Tier 1 university markets,” says Brendan Miller, chief investment officer of student housing at Core Spaces. “We believe the value-creation opportunities at Clemson Lofts amidst the strong fundamentals of Clemson University fit our program well.”
Clemson University enrolls more than 28,000 students, including a full-time undergraduate class of roughly 21,700 students. Clemson Lofts is currently fully occupied for academic year 2023-2024 and is currently leasing for the 2024-2025 school year.
Core currently owns and/or manages over 23,600 beds and has a pipeline of over 35,500 beds, including new development and acquisitions.
— Jeff Shaw