Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to welcome its two latest student housing projects – The Madison and The Scarlet – to the CLS Autograph Collection brand.
The Madison, previously known as “University Plains”, is a 540-bed apartment community located near Iowa State University in Ames. The Scarlet, formerly called “University Fountains”, is a 683-bed apartment community that caters to students enrolled at Texas Tech University in Lubbock. When Vesper acquired these first-generation student housing properties in 2015, they were both worn down assets that had lost relevance in their respective markets.
Vesper reimagined these properties as South Beach style modern boutique hotels – with upscale amenities and best in class customer service. Property improvements included overhauls of the club houses with sleekly-designed interiors that blended contemporary and vintage elements, and introduction of branded amenities including JOE™ Coffee Bars with Starbucks® Café Machines. Outdated exercise areas were replaced with Vesper’s JIM™ Fitness Centers brand, which features Fitness-on-Demand, yoga rooms and spin rooms. In addition, the pool areas received the brand’s signature spa-style upgrades, complete with cabanas and hotel-quality cushioned lounges.