New York City-based Vesper Holdings is expanding its student housing portfolio near the University of Missouri with its purchase of The Den, a 158-unit, 522-bed property in Columbia, Mo. Vesper bought the asset in partnership with an unidentified institutional investor.
The price and seller were not disclosed. However, the property last changed hands in October 2024, when The Michaels Organization traded the asset with Hamilton Point Investments for an estimated $27.6 million, according to Yardi Matrix data. Hamilton Point Investments owned the community for nearly three years. On Oct. 9, 2024, the property became subject to a $19.3 million, 5-year CMBS loan, the same source reported. The lender was Deutsche Bank Trust Co. Americas and the loan was originated by Berkadia Commercial Mortgage.
Vesper, one of the top 10 student housing owners in the U.S., has completed more than $1 billion in student housing transactions in the past 16 months. The Den is the third student housing property acquired by Vesper in the University of Missouri market.
The firm’s first deal in Columbia was the purchase of The Domain at Columbia, made through a joint venture with Fortress Investment Corp. in May 2021. Built in 2013, The Domain has 654 beds across 10 three-story buildings. The unit mix is comprised of one-, two- and four-bedroom floorplans.
In April, Vesper acquired Brookside Downtown, an 834-bed student housing community located in downtown Columbia. The previous owner was Real Equity Management, according to Yardi Matrix. Brookside was built in phases between 2010 and 2024 and includes ground-floor retail space across seven mid-rise buildings. The property has a mix of one- to four-bedroom floorplans.
Living in The Den
Built in 2014, The Den is located at 1412 Grindstone Plaza Drive. The unit mix includes two- and four-bedroom floorplans, all with bed-to-bath parity. The fully furnished apartments have in-unit washers and dryers.
Community amenities include a pool, fitness center, community lounge with clubhouse and game room, volleyball and basketball courts, computer and study rooms as well as an outside kitchen, grilling stations, outdoor firepits, a garden and TV lounge. The property also has a dog park. There are 455 parking spaces with reserved parking available for an additional fee.
The Den is managed by CLS Living, Vesper’s subsidiary property management company. CLS currently manages more than 35,000 student housing beds across 34 university markets.
The University of Missouri at Columbia is ranked fourth nationally for student housing transactions in 2024, according to Yardi Matrix. The total investment volume in the market reached $115.5 million last year.
More Vesper deals
Vesper has been active in other university markets in recent months. In August, Vesper acquired Gateway Lofts Lansing, a 181-unit luxury student housing property near Michigan State University in Lansing, Mich. The price and the seller of the asset were not disclosed. The most recent owner was Continental Development Ventures, according to Yardi Matrix data. The property was built as part of CDV’s Red Cedar Development, a mixed-use project in Lansing. The five-story building was completed in 2022 and is situated less than a half-mile from the university.
In July, a joint venture involving Vesper sold The Indy, a 172-unit, 543-bed luxury student housing community in the Atlanta suburb of Marietta, Ga., to Heitman LLC. The buyer acquired the asset – located about 1 mile from Kennesaw State University in Marietta – on behalf of an institutional investor. Vesper had owned the property since December 2020, when it acquired it from Terwilliger Pappas for $41.8 million, Yardi Matrix reported.