06/06/2012 (press release: dougkligman) // New York, New York, United States // Isaac J. Sitt
The Cottages of Norman is a 644-bed student housing community located in close proximity to the University of Oklahoma. The community consists of cottages, lodge buildings, and carriage houses contained within a desirable student neighborhood setting. Completed in 2009, The Cottages is the newest and most sought after property in the off-campus market. Community and unit amenities include a resort style pool, state-of-the-art fitness facility, business center, entertainment room with flat screens and gaming center, community lounge, tanning beds, volleyball courts, and free Wi-Fi access. The units feature high-end finishes including granite countertops, stainless steel appliances, wood floors, nine-foot ceilings, security systems, porches, balconies, and full sized washer and dryers. Vesper is planning to invest approximately $500,000 in capital expenditures to improve curb appeal, upgrade amenities, and add a private shuttle service to campus. The property currently maintains a 95% occupancy rate.
Vesper purchased The Cottages at a discounted price in an off-market transaction. The acquisition is expected to generate net cash yields of approximately 10% per annum.
“Our acquisition of The Cottages of Norman is 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 this asset at a discount, we are in a position to invest necessary capital and offer this market-leading property at competitive rental rates.”
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. Vesper Holdings has become one of most active student housing investors in the United States with over $150 million in acquisitions during the past twenty-two months. Vesper’s student housing portfolio consists of nine apartment complexes totaling approximately 4,000 beds. Vesper Holdings anticipates growing its student portfolio to 10,000 beds over the next two years.