Downtown State College apartment complex sold to developer for more than $23 million
A Chicago-based real estate developer and property management company purchased a downtown State College apartment complex for $23.1 million.
Core Spaces finalized its purchase of Park Hill Apartments earlier this month and plans to renovate the building, Vice President of New Business Chip Schell said in a statement. That includes new flooring, appliances and furniture.
“We are naturally drawn to downtown State College for several reasons,” Schell said. “We love areas that are vibrant and charming like downtown, and in close proximity to one of the top academic institutions in the country. We believe these characteristics will always be in high demand.”
The business has invested more than $125 million into Happy Valley since October 2019.
The company purchased five apartment buildings along Beaver Canyon for $102 million. Alexander Court, Beaver Hill, Cedarbrook, Garner Court and The Diplomat are also being renovated.
That’s not all the company has planned.
Core Spaces plans to build a new commercial and residential high-rise at the corner of East College Avenue and Hetzel Street.
The first two floors of the 12-story mixed-use building would be home to commercial space, while the remaining 10 floors would have 135 units and 532 beds.
A pool and hot tub is planned for the roof. Three levels of underground parking totaling about 175 spaces are also planned.
The project would require the demolition of four buildings — including two businesses still standing and one that has since closed — if approved.
The building would become at least the eighth high-rise either planned or under construction in downtown State College since 2016, further changing the mom-and-pop atmosphere that once defined the area.
The 12-story Fraser Centre, Metropolitan, Rise at State College, Here State College and seven-story buildings The Edge and Pugh Centre opened in the last half decade.
The Standard, a 12-story building at the corner of West College Avenue and South Atherton Street, is scheduled to open in the fall.
This story was originally published February 23, 2021 at 2:48 PM.