Insights > Deals
JD.com acquires Wan Chai serviced apartments for HK$280 million
23 July 2026 | Portfolio acquisition | US | 2,061 beds | Operational
The seed portfolio comprises Hub Limestone in Lexington, two Hub communities in Gainesville and State Morgantown, with the four assets 99.4% pre-leased for the 2026/27 academic year.
Key details
Asset type | Operational |
Location | Lexington, Kentucky; Gainesville, Florida; Morgantown, West Virginia, US |
Capacity | Capacity 2,061 beds |
Seller | Joint venture between a third party and an entity owned by Core Spaces principals |
Buyer | Core University Living Real Estate Income Trust |
Value | $304 million |
The 718-unit portfolio includes the 566-bed Hub Limestone in Lexington, the 414-bed Hub Gainesville University, the 661-bed Hub Gainesville 3rd Avenue and the 420-bed State Morgantown. The communities serve the University of Kentucky, University of Florida and West Virginia University. The perpetual-life, non-listed REIT is focused on stabilised student housing investments held through a core and core-plus strategy.
Core will manage the assets through its integrated investment-management, asset-management and operating platform.
Strategic context
The transaction seeds CUL REIT with a sizeable operating portfolio rather than relying solely on future acquisitions to establish scale. High occupancy and near-full pre-leasing provide a stable income base for a perpetual-life vehicle designed for long-term ownership.
Core's integrated platform keeps investment selection, asset management and resident operations within one organisation. The acquisition also broadens the capital structures through which Core can hold stabilised assets while continuing to advance its development and acquisition pipelines.
SUBSCRIBE TO STUDENT HOUSING INSIDER
Stay close to the student housing market
Subscribe to Student Housing Insider for a weekly update on student housing transactions, development pipeline, market trends and selected BONARD analysis.
Designed for investors, developers, operators, lenders and market participants tracking the student housing sector.