Vesper Holdings (“Vesper”), a real estate investment firm based in New York City, is pleased to announce the acquisition of a four-property, 2,761-bed student housing portfolio with a total cost of over $240 million.
The transaction expands Vesper’s presence in Georgia and Virginia and extends its reach into Kentucky and Indiana. The portfolio is concentrated near large, growing universities with an average enrollment of 37,258 students. Acquired properties include a 635-bed community located near Indiana University; a 699-bed community located near the University of Kentucky; a 736-bed community located near Kennesaw State University; and a 691-bed community located near Virginia Commonwealth University. The portfolio maintains an average occupancy of 97%. CBRE’s Jaclyn Fitts negotiated the transaction on behalf of the seller.
“Our acquisition of this student housing portfolio is part of a strategy to purchase best-in-market student housing properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder and Co-CEO of Vesper Holdings. "We are pleased to incorporate these four market leading communities into our rapidly growing student housing portfolio.”
Vesper’s acquisitions over the past 12 months total approximately $500 million and over 5,000 beds across 8 student housing communities. This latest transaction brings Vesper’s portfolio to a total of 23,544 beds – which ranks among the 10 largest in the United States. Vesper is widely recognized as an industry leader in value creation through its award-winning renovation and rebranding program
Vesper’s portfolio, including these four newly acquired assets, is managed by Vesper’s subsidiary property management company - Campus Life & Style (“CLS”). CLS currently manages over 28,000 student housing beds across 32 university markets.
About Vesper Holdings
Founded by Elliot J. Tamir and Isaac J. Sitt, Vesper Holdings is a privately held real estate investment firm based in New York City. Vesper Holdings’ diverse portfolio includes student housing, retail, mixed use, office buildings, and parking structures. Vesper Holdings ranks as the 9th largest student housing owner in the United States. Its real estate portfolio includes over 23,000 student housing beds.
Vesper Holdings - Douglas Kligman
212-406-4000
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Source: Prodigy.press
Release ID: 184111
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