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Vesper Holdings JV Pays $21M for Tampa Student Asset

A partnership between Vesper Holdings and Fortress Investment Group has acquired ON50, a 444-bed student housing community in Tampa, Fla. The Michaels Organization sold the asset for $20.5 million, Hillsborough County records show. Cit Bank, a division of First-Citizens Bank & Trust Co., provided $33.6 million in financing, according to the same public source.

Completed in 1994, ON50 spans more than 10 acres and comprises six buildings and 156 units with a mix of one- to four-bedroom apartments, averaging 1,118 square feet, Yardi Matrix shows. Community amenities include a fitness center, business center, fitness center, tanning salon, movie theatre, lounge, swimming pool, hot tub and basketball court.

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