Located Near the University of Iowa Campus
Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce its latest student housing acquisition – The Hive, located pedestrian to the University of Iowa. The acquisition marks Vesper’s entry into the Iowa City market and expands the firm’s national student housing footprint into its 30th university market. Including this purchase, Vesper has completed student housing transactions totaling over $1 billion during the past 12 months.
Delivered in 2024, The Hive is a four-story, purpose-built student housing community comprising 250 units and 500 beds situated pedestrian from the University of Iowa campus and the heart of downtown Iowa City.
The Hive offers a desirable mix of one-, two-, and three-bedroom apartment homes, with two-bedroom units representing the majority of the unit mix. Each apartment features stainless-steel appliances, hard-surface countertops, modern white cabinetry, designer lighting, luxury vinyl tile flooring in living areas, and is delivered fully furnished. Residents enjoy an exceptional amenity package including a resort-style swimming pool, 24-hour fitness center, clubhouse, sauna, tanning bed, rooftop deck, study rooms, resident lounges, courtyards, fire pits, outdoor picnic and grilling areas.
“The Hive represents the type of asset we target – a newly-built, best-in-class property in a pedestrian-to-campus location at a flagship public university with strong enrollment momentum,” said Isaac Sitt, Co-Founder and Co-CEO of Vesper Holdings. “We expect to remain extremely active in the coming months as we continue to capitalize on pricing dislocations in this higher interest rate environment.”
Christopher Epp, Managing Director at Walker & Dunlop, represented the seller in the transaction. Vesper’s debt on the acquisition was placed by Will Baker & William Shell at Walker & Dunlop.
Vesper’s student housing portfolio is the 9th-largest in the United States. Vesper’s portfolio, including The Hive, is managed by Vesper’s subsidiary property management company – CLS Living (“CLS”). CLS currently manages over 35,000 student housing beds across 35 university markets.
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 one of the top 10 largest student housing owners in the United States. Its real estate portfolio consists of 55 properties, including over 25,000 student housing beds.