Core Spaces Partners With Blue Owl’s GP Strategic Capital Platform to Accelerate Growth

Rhea-AI Summary

Core Spaces (Core) announces a significant financial partnership with Blue Owl’s GP Strategic Capital platform to fuel growth investments in student housing and Build-to-Rent (BTR) sectors, driving innovation and expansion plans. The partnership aims to leverage capital for continued disruption and success in the real estate industry.

Positive

• Core Spaces has disrupted the student housing sector by combining high-design and hospitality-first residential experience at Tier 1 universities, leading to continued success and innovation in the real estate industry.
• Blue Owl's partnership provides Core Spaces with more room to grow and innovate while staying true to their mission of inventing the future of living.

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• None.

Pioneering Real Estate Company Will Leverage Capital to Drive Continued Innovation and Expansion Across Student Housing and Build-to-Rent Sectors

CHICAGO--(BUSINESS WIRE)-- Core Spaces (“Core” or the “Company”), a vertically integrated residential real estate developer, owner and operator, today announced a significant financial partnership with Blue Owl’s GP Strategic Capital platform, a leading capital provider to institutional alternative asset management firms. The long-term partnership will fuel Core’s growth investments in existing and new businesses and will further drive the brand’s innovation and expansion plans.

Since its founding in 2010, Core has disrupted the student housing sector by marrying high-design and a hospitality-first residential experience at Tier 1 universities across the United States. In 2020, Core launched its Build-to-Rent (“BTR”) division and has built a robust pipeline in fast-growing markets across the country. Fueled by an entrepreneurial spirit and a collaborative culture, Core has established a track record of continued success and remains at the forefront of innovation in the real estate industry.

“Blue Owl is one of the best alternative asset management firms in the game and we’re excited to partner with them as we continue pushing boundaries across student housing, BTR and beyond,” said Marc Lifshin, Founder and CEO at Core Spaces. “We’re always looking for ways to unlock new opportunities that challenge the expected and keep us moving forward. With Blue Owl’s partnership, we have even more room to grow and innovate while still staying true to what we’ve done since day one: inventing the future of living.”

“We believe Core Spaces is a leader in the vertically integrated real estate space and are thrilled to add this innovative firm to our portfolio,” said Michael Rees, Co-President and Head of Blue Owl’s GP Strategic Capital platform.

“The operating fundamentals in both student housing and BTR continue to be strong, and we have high conviction in the investment prospects for these sectors,” said John Wieker, Chief Investment Officer at Core Spaces. “Blue Owl’s capital bolsters our ability to continue to grow our vertically integrated investment management platform across both sectors, as well as explore other opportunities that will continue to drive Core, and the industry, forward.”

About Core Spaces

Core Spaces (Core) is more than a real estate company, it’s a people company. Where building relationships is just as important as building properties. From researchers and architects to designers and operators, Core is made up of risk takers and dreamers who are on a mission to invent the future of living. Everything Core does stems from this culture of collaboration and innovation, and the drive to constantly improve the resident experience. This unique approach has led to creating spaces and services that are redefining the way people live.

Founded in 2010, Core 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 (“BTR”) 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 BTR division with a pipeline of over 8,000 homes in high growth metros across the country. For more information, visit www.corespaces.com.

About Blue Owl

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives.

With over $144 billion in assets under management ¹, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional and individual investors differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 570 experienced professionals across 10 offices globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.

¹As of March 31, 2023

View source version on businesswire.com: https://www.businesswire.com/news/home/20230720396714/en/

Kim Lyons, Director of Communications, Core Spaces

Cell: (708) 927-0951 | Email: klyons@corespaces.com

Source: Core Spaces

FAQ

What is the significance of Core Spaces' partnership with Blue Owl’s GP Strategic Capital platform?

The partnership aims to fuel Core's growth investments in student housing and Build-to-Rent (BTR) sectors, driving innovation and expansion plans.

What has Core Spaces achieved since its founding in 2010?

Core Spaces has disrupted the student housing sector by combining high-design and hospitality-first residential experience at Tier 1 universities, leading to continued success and innovation in the real estate industry.

What are the expectations from the partnership with Blue Owl?

The partnership with Blue Owl provides Core Spaces with more room to grow and innovate while staying true to their mission of inventing the future of living.

Who is Blue Owl and what is their role in the partnership?

Blue Owl's GP Strategic Capital platform is a leading capital provider to institutional alternative asset management firms, and they believe in Core Spaces' leadership in the vertically integrated real estate space.