Vesper Holdings has partnered with Fortress Investment Group to acquire 1540 Place, an 864-bed student housing community in Murfreesboro, Tenn. The asset, serving students at the Middle Tennessee State University, will be managed by Campus Life & Style, a Vesper subsidiary.
The property last changed hands in 2013, when Hayman Co. acquired it from EdR for $20.7 million, according to Yardi Matrix data. At the time, U.S. Bank provided a $16 million CMBS acquisition loan originated by Wells Fargo.
The new owner plans to invest $3.5 million in capital improvements for the 1998-built property. The renovation program will target interiors and community amenities, with a focus on technological upgrades.