Vesper Holdings, in a joint venture with funds managed by affiliates of Fortress Investment Group, has acquired CastleRock at Denton, a 564-bed student housing community located near the University of North Texas in Denton.
The property offers a mix of one-, two-, three- and four-bedroom furnished units. Shared amenities include a fitness center, clubhouse, computer lab, resort-style swimming pool and dog park.
Vesper purchased the property in an off-market transaction and plans to implement $1 million in capital improvements, which will include unit and amenity upgrades, as well as exterior enhancements. The community will be managed by the company’s management arm, Campus Life & Style.