Vesper Holdings ("Vesper"), a privately-held real estate investment firm based in New York City, is pleased to announce its latest acquisition - Midtown 905 located near the University of North Texas (“UNT”). Vesper purchased Midtown 905 in partnership with an institutional investor. The property is Vesper’s fifth acquisition in the Denton market. Including this purchase, Vesper has completed 6 student housing transactions totaling nearly $300 million over the past 9 months.
Built in 2011, Midtown 905 is a four-story, 432-bed purpose-built, student housing community. The property offers a diverse unit mix including two-, three-, and four-bedroom unit floor plans – all with bed-to-bath parity.
Residents of Midtown 905 enjoy a host of top-tier amenities, including fully furnished apartments, boutique clubhouse, resort style pool, game room, complimentary coffee bar, covered parking, and location on the University’s bus route.
Vesper is planning to invest approximately $1.8 million in capital expenditure. Vesper’s capital improvement plan will focus on unit and amenity upgrades, as well as substantial technology upgrades throughout the community.
“Our acquisition of Midtown 905 is part of a strategy to purchase institutional quality student housing in strong markets that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-Founder and Co-CEO of Vesper Holdings. “We expect to remain extremely active in the coming months, as we look to take advantage of pricing dislocations in this higher interest rate environment” Sitt added.
Christopher Epp, Managing Director at Walker & Dunlop, represented the seller in the transaction. Vesper’s debt on the acquisition was placed by Gregg Wallace at AMA Financial and Geoff Smith at Walker & Dunlop.
Vesper’s student housing portfolio is the 8th largest in the United States. Vesper’s portfolio, including Midtown 905, is managed by Vesper’s subsidiary property management company - Campus Life & Style (“CLS”). CLS currently manages over 32,000 student housing beds across 43 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 eighth largest student housing owner in the United States. Its real estate portfolio consists of 52 properties, including over 24,000 student housing beds.
Source: Vesper Holdings
Media Contact:
Douglas Kligman 212-406-4000 Ext 117
Source: Prodigy.press
Release ID: 1139829
