Student Housing Leader Closes on one of 10 Largest Student Housing Transactions Ever Completed in U.S.; Commits $11M for Improvements of Assets
New York, NY (PRWEB) October 05, 2016
Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce the acquisition of an eight-property, 4,925-bed student housing portfolio. Vesper’s purchase ranks among the 10 largest student housing transactions ever completed in the United States. In addition, the acquisition ranks as one of the five largest student housing transactions in the United States led by a private company.
The acquisition expands Vesper’s presence in Texas, Georgia, Iowa and Kansas; and extends its reach into Alabama. The portfolio is concentrated near large, rapidly growing universities with average enrollment sizes of 34,890 students. Enrollments at these universities have grown by over 20 percent since 2010 and are projected to increase an additional 13 percent by 2020.
Acquired properties include Islander Village, a 312-bed community, and Campus Quarters, a 336-bed community, both located near Texas A&M University in Corpus Christi, Texas; Crimson, a 700-bed community located near the University of Alabama in Tuscaloosa, Alabama; University Crossing, a 700-bed community located near Kansas State University in Manhattan, Kansas; West 22, an 850-bed community located near Kennesaw State University in Kennesaw, Georgia; The District on Luther, a 1,098-bed community located near the Texas A&M University in College Station, Texas; Legacy, a 368-bed community located near Georgia Southern University in Statesboro, Georgia; and Hawk’s Ridge, a 561-bed community located near the University of Iowa in Iowa City.