5 downtown State College properties sold to Chicago-based developer for over $100 million
Several properties in the 200 and 300 block of Beaver Avenue and Garner Street — known locally as Beaver Canyon — in State College were sold Oct. 18 for $102 million.
Four apartment buildings — Alexander Court at 309 E. Beaver Ave., Cedarbrook at 320 E. Beaver Ave., Beaver Hill at 340 E. Beaver Ave. and Garner Court at 228 S. Garner St. — were sold for $94 million to Core State College Beaver, LLC from A.W. & Sons Enterprise, a real estate company owned by the Woskob family. The Diplomat at 329 E. Beaver Ave. was sold for $8 million to Core State College Beaver, LLC by Helex Enterprises, LLC, according to realty tax transfer documents.
Core Spaces, operating as Core State College Beaver, is a student housing development company based in Chicago. According to its company website, it owns and operates 30 luxury student housing properties in college towns and cities across the country, including Madison, Wisconsin, Ann Arbor, Michigan and Lexington, Kentucky.
Core Spaces has not yet responded to requests for comment, but its Senior Vice President of Marketing Dominick Luciano told the Centre County Gazette that the company plans on “refreshing many aspects of the buildings and modernizing the apartments” over the next couple of years.
A.W. & Sons Enterprises was founded by the late Alex Woskob and his wife Helen, well-known builders and philanthropists in the State College area. They first built the seven-story Parkway Plaza the mid-1960s, and continued to construct and manage student housing blocks from Penn State’s campus. The Woskobs, through their companies A.W. & Sons Enterprises and Helex Enterprises, owned and managed all five properties that were sold to Core Spaces last week.
This story was originally published October 24, 2019 at 3:27 PM.
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