Vesper Holdings Expands into Two More Texas Student Housing Markets
New York City, New York, United States, 04/30/2015 /SubmitPressRelease123/
Vesper Holdings (“Vesper”), a privately-held real estate firm based in New York City, has acquired over $150 million in student housing over the past 24 months. Vesper is pleased to announce its two latest acquisitions in Texas – Wildwood San Marcos and University Fountains in Lubbock. With these latest acquisitions, Vesper’s student housing portfolio now totals sixteen apartment complexes and over 9,000 beds. In Texas alone, Vesper now owns six properties totaling 3,044 beds spread across four different university markets.
Wildwood San Marcos is a 132-unit, 528-bed student housing community located in close proximity to Texas State University. Wildwood is comprised of 11 three-story residential buildings and a clubhouse. The Property consists of 132 four-bedroom/four-bathroom flats and townhomes. The units are among the largest in the market at 1,634 SF and all have a desirable one bed to bath ratio. Completed in 2013, Wildwood is one of the newest and most sought after properties in the off-campus market. The property currently maintains a 99% occupancy rate.
Community amenities include a Wi-Fi Cyber Cafe, tanning booths, study lounge, fitness center, media room, sand volleyball court, full basketball court, resort-style, zero-entry swimming pool, poolside gaming area, and high-speed internet access in the common areas. All apartments are fully furnished and feature 46″ SMART TV, full-sized washers and dryers, private bathrooms in bedrooms, wood-style floors thorughout, electronic key system, porches, as well as free cable and high-speed internet.
Vesper purchased Wildwood at a discounted price in an off-market transaction. Vesper is allocating $250,000 toward property improvements. These funds will be used to improve curb appeal, renovate the clubhouse and pool, and upgrade the amenities.
University Fountains is a 228-unit, 683-bed student housing community located within a quarter-mile of Texas Tech University in Lubbock. Completed in 2005, University Fountains contains 17 three- and four-story residential buildings. The Property offers a variety of townhouse and flat style apartments, including one-, three-, and four-bedroom floor plans. All of the units have a desirable one bed to bath ratio. University Fountains maintains a 97% occupancy rate.
University Fountains offers students a full range of amenities including a fitness center, tanning salon, computer lab, resort-style pool area and Jacuzzi, free shuttle to campus, basketball court, and sand volleyball court. Apartment units are fully furnished and include flat screen televisions. Kitchens feature Black-on-Black appliance packages and built-in microwaves. All units have private, full-sized washers and dryers, along with high-speed internet connections in every bedroom. Monthly rent includes expanded cable, high-speed internet, and all utilities.
Vesper purchased University Fountains from a large group of Tenant in Common owners. Vesper is planning to execute a major renovation of University Fountains and will invest nearly $2 million in capital expenditures. Property improvements will include renovation of the units and clubhouse, as well as extensive enhancements to the property’s exterior and community amenities, and substantial technology upgrades throughout the complex.
“Our acquisitions of Wildwood and University Fountains are part of a strategy to purchase well-located Class A student properties with superior risk-adjusted returns,” commented Isaac Sitt, co-founder and principal of Vesper Holdings. “Since we were able to acquire these assets at favorable prices, we are in a position to invest necessary capital and offer these properties at highly competitive rental rates. We are pleased to further expand our presence in the State of Texas and to incorporate these properties into our rapidly growing student housing portfolio.”
About Vesper Holdings
Founded by Elliot J. Tamir and Isaac J. Sitt, Vesper Holdings is a privately-held real estate investment firm based in New York City. Vesper Holdings’ diverse portfolio includes student housing, retail, mixed use, office buildings, and parking structures. In 2010, Vesper Holdings launched a fund dedicated to assembling a portfolio of high quality multifamily properties located in close proximity to university campuses thorughout the United States. Vesper ranks as one of the top 15 student housing owners in the nation. Vesper’s student housing portfolio consists of sixteen apartment complexes with a total of over 9,000 beds. Vesper Holdings anticipates growing its student housing portfolio to 15,000 beds over the next two years. ‘
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