A Texas developer has upped its bet on student housing in Southern California.
Core Spaces, based in Austin, has filed plans to build a 359-unit complex at 2601 East Chapman Avenue near the campus of Cal State Fullerton, Urbanize Los Angeles reported. It would replace what appears to be a two-story office building.
The mixed-use Hub Fullerton follows the developer’s 79-unit Hub on Campus at the Coliseum and the 157-unit Hub on Figueroa catering to students of USC in Exposition Park. c
Plans for v call for a six-story complex whose apartments would contain 1,047 beds. Shops and restaurants would take up the ground floor.
The student housing project, designed by DLR Group of Nebraska, would include large blocks of apartments, broken up by a white lattice containing gray panels and apartment windows.
It would include a rooftop deck, workspaces, fitness areas and a public paseo.
Hub Fullerton could also serve students at Hope International University and Pacific Christian College, according to Urbanize.
Core Spaces has built student housing-focused projects across the nation, including Gainesville, near the University of Florida; Lexington, near the University of Kentucky; Tucson, near the University of Arizona; West Lafayette, Indiana, near Purdue University; and East Lansing, near Michigan State University.
Housing geared for students has historically been considered a safe investment, although a shift among some colleges to online classes during the early years of the pandemic increased the risk for investors. But after students returned to school, the housing market returned to normal.
In September of last year, Core Spaces filed plans to build a 285-unit, mixed-use complex to house up to 800 students in Berkeley near the UC Berkeley campus.
The month before, Blackstone Real Estate Income Trust announced a $784 million joint venture with student housing developer Landmark Properties to acquire and recapitalize an eight-property, 5,400-bed student housing portfolio.
— Dana Bartholomew
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