Chicago-based student and single-family rental housing developer Core Spaces has announced its first-ever project in Raleigh, North Carolina — Hub Raleigh, a 2,195-bed student housing property underway near the North Carolina State University main campus.
Developed in partnership with San Francisco-based real estate advisor TPG Real Estate, the property will measure nearly 1 million square feet of developed space. Completion is expected by summer 2026, ahead of the 2026-2027 school year.
Hub Raleigh is one of Core’s largest projects to date, said Brendan Miller, chief investment officer of student housing at Core. The 12-story building will include a mix of unit types, ranging from studios to four-bedroom apartments, each one fully furnished and equipped with high-end appliances.
The property will also have the largest amenity package in Core’s student housing portfolio, covering 20,000 square feet of interior and 26,000 square feet of exterior space. A pool and hot tub, fitness center, fire pit, outdoor kitchen and grilling area, coworking space and a 558-stall parking garage will be available for resident use, among other amenities.
North Carolina State University, located in the Research Triangle region, has over 37,800 current students, according to its website. However, it only has enough housing on campus for 9,400 residents, including faculty and staff.
Core currently owns and/or manages over 36,000 student beds nationwide, and has a pipeline of over 43,000 beds in various stages of development, according to the news release. Once complete, the Raleigh project will increase the size of Core’s portfolio by roughly 5.5%.
In May, Core launched a new investment platform, Global Wealth Management, to provide access to Core’s institutional investments for high net-worth individuals and their financial intermediaries, according to the company. These new investment sources are intended to diversify Core’s capital and fuel the growth of its portfolio.
“The fundamentals in student housing remain strong and it’s proven to be an increasingly attractive asset class for private wealth,” said John Wieker, chief investment officer at Core Spaces. “We saw an opportunity for individual investors to join us in greater scale as we continue to execute the same investment strategies that have historically proven successful.”
