The community is the firm’s second acquisition under its new platform and upon undergoing a significant capital expenditure program will be rebranded as State On Campus Morgantown.
MORGANTOWN, W. Va., and CHICAGO (PRWEB) May 06, 2016
Core Spaces, a Chicago-based real estate development and management firm known for its innovative student housing, has acquired a three-year old, 420-bed community at Beechurst Avenue and Third Street, about a quarter mile northwest of the downtown campus of West Virginia University in Morgantown.
Originally called Beech View Place Apartments, the facility will be rebranded State On Campus Morgantown. The company will implement a significant capital improvement program, which will include adding a state-of-the- art fitness center replete with steam room and sauna and a full overhaul of the interior courtyard to include a hot tub and areas for grilling and socializing. Renovations are expected to start this summer and will be completed by late fall.
“This property is consistent with our strategy of acquiring well located assets with some degree of value-add,” notes Brian Thompson, Core Spaces’ Director of Acquisitions. “Beech View was well built. We are simply infusing our own DNA to reposition, strengthen the management and create long-term value. It will be a great asset for us once the dust settles.”
According to Ben Modleski, Chief Operating Officer of the company, “Our goal with the Morgantown community and with all of our Hub on Campus communities is to find a great location in the heart of the city where students are just minutes from campus and also can have convenient access to shops, restaurants and local attractions. Then we develop or remodel a unique student housing property with unparalleled amenities that fit into students’ current lifestyles and meet all of their needs.”
Mr. Modleski noted that the Morgantown community is Core Spaces’ second acquisition after recently acquiring a student housing community near Colorado State University in Fort Collins.
For State On Campus Morgantown, Core Spaces is developing a Hub On Campus-style, world-class fitness center and Spa with extensive cardio equipment, free weights, Crossfit, stand-up tanning facilities, a steam room and a sauna. In the common areas, the firm is adding a wide variety of luxuries with all of the touches of home, including a hot tub, fire pits, barbecue grills, and inviting outdoor gaming and lounging areas.
In addition, a new computer lab will be created with new computers, printers, multiple group study areas and individual study spaces. Finally, the leasing offices, lobby and reception area will be redesigned and repositioned to provide better “flow” and a more welcoming environment for students and visitors.
Mr. Modleski noted that when the renovations are complete, State On Campus Morgantown will be well positioned to be the premier student housing destination in the market.
About Core Spaces
Core Spaces is a full-integrated real estate firm specializing in the development, acquisition and management of high-quality student housing communities across the country. Backed by a deep understanding of university markets, a commitment to quality and a strong track record of success, Core Spaces is responsible for some of the most acclaimed and successful student housing communities in the nation. Based in Chicago, Core Spaces has developed and acquired over 5,200 beds of student housing in the past several years. For more information, please visit corespaces.com.
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