Harrison Street and Core Spaces have continued their partnership with the acquisition of a student housing community in Eugene, Ore. The two firms acquired Identity Eugene from an undisclosed seller and secured an undisclosed amount of financing from KKR. Rebranded to The Rive Eugene, the community will undergo updates to its interior and exterior signage.
The student housing community offers 686 beds throughout 209 units. Homes are available in studio, one-, two-, three-, four- and five-bed floorplans ranging from 358 square feet to 1,688 square feet. The fully-furnished units feature quartz countertops, stainless steel appliances and full-size washers and dryers.
Community amenities include a rooftop pool, hot tub, fitness center, package room, roof deck with fire pits and outdoor grills, clubroom with games and private workspaces and bike storage. The Rive Eugene is 98 percent occupied for the current year and already 11.2 pre-leased for the next year.
Located at 700 E. Broadway, student housing community is near the northwestern edge of the University of Oregon campus, in proximity to its key university buildings. The Rive Eugene is also within walking distance to downtown Eugene’s restaurant, retail and entertainment options.
Building a student housing portfolio together
For Harrison Street, the acquisition of The Rive Eugene comes a month after the firm completed the first phase of a student housing project in Bothell, Wash., alongside Capstone Development Partners. The partnership is already working on the second phase of Residential Village at University of Washington Bothell, which will total 1,055 beds when fully built out.
Overall, Harrison Street has invested more than $21 billion across 400 properties, totaling more than 220,000 beds in education and student housing in North America and Europe.
The Rive Eugene acquisition also continues the partnership between Harrison Street and Core Spaces, who have worked together on more than 8,800 beds across 11 campuses. Beyond the two firms’ joint investments into the student housing sector, Harrison Street and Core Spaces also launched a $1.5 billion venture in January 2022 that’s focused on acquiring and developing single-family build-to-rent communities.
