CHICAGO, IL, September 25, 2025 – Harrison Street Asset Management (HSAM), a leading global investment management firm with approximately US$100 billion in assets under management, and Core Spaces (Core), the vertically integrated real estate developer, operator and investment manager, today announced their joint investment in Hub Tampa Fowler, a 1,195-bed purpose-built student housing community development near the University of South Florida (USF) in Tampa.
Located just west of USF’s main campus and adjacent to the University Mall corridor, Hub Tampa Fowler will offer a premier location with convenient access to campus, retail, dining, and entertainment. With completion slated for 2027, the property is expected to feature high-end finishes, expansive amenity spaces, and a wide range of unit layouts designed to serve students across multiple price points.
This project is a key component of Rithm, the vibrant mixed-use redevelopment led by RD Management that is transforming the University Mall area with new housing, hotels, entertainment, and student-focused retail including the new Sprouts grocery store and future LA Fitness.
Capitalizing on its academic and research leadership, USF plans to increase undergraduate enrollment by approximately 4% from 2024 to 2028, underscoring sustained demand for high-quality, accessible, and community-integrated housing.
Building on this demand, Hub Tampa Fowler will represent the second USF-Tampa project executed by the Harrison Street and Core Spaces joint venture, and Harrison Street’s fifth student housing investment in the Tampa market. The joint venture previously delivered Hub Tampa in 2022, which was well-received and helped address the growing demand for student housing near the USF campus.
“We are excited to expand our partnership with Core Spaces, building on a legacy of student housing investments near top-tier universities with strong enrollment growth and limited supply,” said Justin Gronlie, Head of Education Transactions – North America at Harrison Street. “This project follows on the success of the first Hub at USF (Hub Tampa), which was delivered and sold in Fall of 2022. Harrison Street has a demonstrated track record at the University of South Florida and has invested over 5,000 beds in both on and off-campus projects.”
“This project, developed in collaboration with RD Management, reflects a shared vision more than a decade in the making,” said Joe Gatto, Senior Managing Director, Acquisitions and Investments at Core Spaces. “We believe it will accelerate the already dramatic transformation of the old University Mall further into Rithm and will help extend the University Square Drive ‘college town’ feel into the vibrant mixed-use area. We’re proud to be part of the Rithm development and to continue our partnership with Harrison Street in bringing another Hub community to USF students.”
QuadReal Property Group (QuadReal), a global investment, development and operating company provided the financing, and TSB Capital Advisors consulted on the joint venture and financing.
“This latest debt financing highlights QuadReal’s investment strategy and conviction to the student housing market,” said Paul Stern, Senior Vice President, U.S. Debt Investments at QuadReal. “In partnership with Core Spaces, Harrison Street and working closely with TSB Capital advisors, we are committed to delivering quality student accommodations in targeted communities.”
“We’re extremely proud to help arrange financing for another exciting project from the longstanding partnership between our friends at Core Spaces and Harrison Street,” said Ian Bradley of TSB Capital Advisors. “We feel that Hub Tampa Fowler is poised to be a phenomenal development and will further solidify the University Mall area as the place for students to live off-campus.”
Over the last 20 years, Harrison Street has led with expertise and innovation in the student housing sector and is now one of the largest private owners of student housing globally. The firm has invested over $23.8 billion across 419 properties, totaling more than 228,000 beds within the student housing sector throughout North America and Europe.
About Harrison Street Asset Management
Harrison Street Asset Management is a leading global alternative investment management firm with over $100 billion in assets under management through highly differentiated assets across infrastructure, real estate and credit strategies. Headquartered in Chicago and London with approximately 520 employees in offices across North America, Europe, Asia and the Middle East, the firm offers innovative solutions across a variety of closed-end, open-end and specialized vehicles on behalf of 900 institutional and over 300 Registered Investment Advisors.1
Harrison Street Real Estate Capital has been recognized as one of the Best Places to Work by Pensions & Investments for ten years (2014-2020, 2022-2024) and has received 16 PERE awards since 2019, including the 2024 Alternatives Investor of the Year – Global award. Harrison Street paid no compensation in exchange for these awards; however, a submission fee was required for “Best Places to Work.” For more information, visit www.harrisonst.com.
1HSAM data is generally comprised of the aggregated data of investment advisors that, subject to regulatory approvals, will be owned in whole or in part by HSAM. Assets under management (“AUM”) reflects the AUM for the investment advisory and asset management clients of such investment advisors and is inclusive of the regulatory AUM of such investment advisors that is reported in their respective Form ADVs.
About Core Spaces
Core Spaces (Core) is more than a real estate company; it’s a people company. 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 on a mission to invent the future of living. Everything Core does stems from a culture of collaboration and innovation, with a drive to constantly improve the resident experience.
Founded in 2010, Core is a vertically integrated real estate investment manager focused on acquiring, developing and managing across the student housing and build-to-rent (“BTR”) sectors. Its residential communities feature high-quality amenities, progressive design, and hospitality-driven service. Core’s student housing portfolio includes over 48,000 beds currently owned or managed, with a pipeline of over 49,800 beds in various stages of development. Core’s BTR division has over 3,000 homes under development, now leasing or in its pipeline in high-growth metros nationwide. For more information, visit www.corespaces.com.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, development, and operating company headquartered in Vancouver, British Columbia. Its assets under management are CAD $94 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly through operating platforms in which it holds an ownership interest and via programmatic partnerships.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
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Harrisonstreet@DLPR.com
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