Eastborough Partners

Eastborough closes US student housing deal at Ohio State Eastborough Partners and specialist operating partner, Up Campus Student Living, have recently closed their investment in Blume on 16th, a highly-amenitized ground-up development near the ‘front door’ of the Ohio State University (“OSU”) campus. The land acquisition closed in September 2024 with plans to open for the 2026-2027 academic year. Construction financing was provided by CIBC Bank USA.   Located at the heart of the student neighborhood and OSU Greek life, the 1-acre parcel is adjacent to the new University Square development and a 1-2 block walk from the entrance to campus at East 15th and North High Street (just steps away from “The Oval” – the main campus quad). The property will house approximately 325 residents in fully furnished 2-6 bedroom units, alongside amenities including private study rooms, fitness & wellness facilities, outdoor courtyards and 24/7 on-site management.   “Blume on 16th reflects our continuing commitment to provide our residents with premium amenities, convenient location, and living spaces tailored to support academic and personal wellness for OSU students,” said Stephen Bus, Managing Partner for Up Campus.   Nes Weigand, CEO of Eastborough Partners, said, “We believe Up Campus found a one-of-a-kind site at a University experiencing a supply/demand imbalance. More importantly, we’re working with a best-in-class operator. Steve and his team have proven to be highly adept at site selection, execution and operations and we’re excited to partner with them on this development.”   Ohio State comprises one of the most attractive student markets in the US, with strong and growing enrollment coupled with high structural barriers to new supply. The University has approximately 60,000 students (52,000 full-time) with just under 15,000 on-campus beds, leaving demand for as many as 37,000 off-campus beds. Today, there are just over 9,000 purpose-built student housing beds in the market (including the development pipeline). This housing shortage was a key driver in the 14.1% YoY rental growth experienced in the market, according to Yardi (vs. 5.8% nationally).   Construction works commenced in November 2024 and Blume on 16th is on schedule for a Fall 2026 opening.

Eastborough is pleased to have hosted an intern, Saevuk Atwal, at our London office this summer. Over the course of his internship Saevuk has learned about our operating partner model, reviewed current dealflow and participated in our latest US student housing transaction. We wish him the best as he returns to the University of Warwick this September!

Eastborough Partners, alongside Select Alternative Investments and operating partners, LSL Partners and Central & Provincial have acquired the former Diageo headquarters at 1 Lakeside Drive, NW10 in Park Royal, London.   The 300,000sf building is located within a 40-acre private landscaped estate, once the former Guinness Brewery, which had operated from the estate since 1933. Park Royal is undergoing a £26bn regeneration plan and a transformation into a world-class transport interchange, with the introduction of a new High Speed 2 (“HS2”) terminus nearby, set for delivery in 2030.   The property was built to an extremely high specification including a spectacular atrium and ~4m slab-to-slab ceiling heights whilst benefitting from excellent transport links through close proximity to Park Royal and Hanger Lane tube stations. The JV plans to work with Old Oak and Park Royal Development Corporation (“OPDC”) to bring forward proposals to reposition the property into a vibrant mixed-use scheme. The partnership group believes the asset will compliment the regeneration of the area, which has seen over 1,200 residential units already delivered within the business park.   The exciting new proposals seek to deliver material public benefits while minimising the environmental and carbon impact of the development through the preservation of this magnificent former FTSE 100 HQ building.