Core Spaces, No. 8 on the National Multifamily Housing Council’s Top 25 Developers list, is underway on a lot of new space in its core markets. 

The Chicago-based student housing developer, which has a portfolio of more than 38,000 student housing beds and 3,000 single-family build-to-rent units, has a pipeline of over 43,000 beds in progress — putting it on track to more than double its existing holdings, according to a press release shared with Multifamily Dive.

As of this summer, the company has delivered 4,551 new beds for the 2024-2025 school year, including:

• Hub Bancroft, a 238-bed property in Berkeley, California.
• Hub Cincinnati, a 1,112-bed property in Cincinnati.
• ōLiv Hetzel, a 582-bed property in State College, Pennsylvania. 
• ōLiv Highland, a 604-bed property in State College. 
• ōLiv Madison, a 1,101-bed property in Madison, Wisconsin. 
• The Pier, a 914-bed property in Clemson, South Carolina.

Core’s developments in progress include 3,000 beds in Tampa, Florida, over 2,000 in Raleigh, North Carolina, and 4,000 in Madison. Large projects with over 1,000 beds make up a significant share of the pipeline, according to Dan Goldberg, president of Core Spaces. 

“Not only does this allow us to bring more beds and diverse unit mixes to market, which allows us to achieve competitive price points and de-risk leasing,” Goldberg told Multifamily Dive, “but this economy of scale also allows us to create special buildings that will add value to these markets for years to come.”

Here, Goldberg spoke to Multifamily Dive about the company’s target markets, its expansion plans and the future of the purpose-built student housing sector.

This interview has been edited for brevity and clarity.

MULTIFAMILY DIVE: What new elements are you introducing to the markets you’re active in?

DAN GOLDBERG: Students’ preferences for amenities and what they value has changed, and that’s being reflected in how we’re designing and programming our spaces. Instead of offering the flashiest amenities that take up space, we’re maximizing the usefulness of those spaces and offering more room for our residents to study, socialize and take care of their physical and mental health and wellness.

Which of your product features are most successful with the student market?

Location and walkability remain the most important amenities for students. In terms of physical spaces and features on property, students are looking for plenty of space to study and socialize and amenities that focus on health and wellness. 

To better accommodate the desire for more communal spaces, we’re moving away from segmented amenity areas and instead developing versatile open spaces that can be utilized in multiple ways throughout the day. We love creating vibrant, communal environments that bring people together, and we’ve found that college students really gravitate toward these spaces. 

How do you anticipate the student market evolving into the future?

We expect further modernization of the off-campus housing stock. Students continue to show increased appetite to move up from 30+-year-old poorly maintained buildings and into new purpose-built products that are designed with them in mind. 

We believe that this shadow market product will be either redeveloped into new student housing or repurposed as conventional. It’s an exciting time for acquisitions and value-add projects, and we are continuing to build our portfolio in key markets that have been highly responsive to our presence.

Core seems to be on track to double its portfolio. How do you intend to support this growth?

We're continuing to grow our team by bringing in great talent across the board and working with awesome partners to bring our projects to life. Plus, we're always focused on driving innovation at every level to support and keep up with our growth.

Four of Core’s projects are in Madison, Wisconsin. What makes this an appealing market for student development?

Madison has always held a special place in our hearts, and we're excited to expand our presence with three new landmark locations. With UW-Madison's enrollment on the rise, there's a pressing need for more housing. 

We saw an opportunity to not only meet this demand by bringing thousands of new beds to the market but also to provide high-quality, centrally located housing that seamlessly integrates with Madison's local fabric, offering students the best living experience possible.