New York City-based Vesper Holdings has acquired Sol y Luna Apartments, a two-tower, 340-unit, 972-bed student housing property in Tucson, Ariz., near the University of Arizona, from Nelson Partners Student Housing for $203 million.
It is one of the largest student housing purchases in history and is also the largest student housing transaction made without institutional capital, according to Vesper Holdings. Vesper has closed on more than $1 billion in assets in the past 12 months and now has a portfolio with 24,093 beds valued at more than $2 billion. Vesper’s portfolio, including Sol y Luna, is managed by Vesper’s subsidiary, Campus Life & Style, which currently manages more than 29,000 beds across 37 university markets.