03/07/2013 (press release: dougkligman) // New York , New York, United States // Isaac J. Sitt
Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce the acquisition of The Forum at Sam Houston (“The Forum”) in Huntsville, Texas. With this latest transaction, Vesper’s student housing portfolio now totals ten apartment complexes and approximately 4,700 beds.
The Forum at Sam Houston is a 294-unit, 450-bed student housing community located in close proximity to Sam Houston State University. The Forum is comprised of 11 three-story residential buildings and a clubhouse. The property features a diverse set of floor plans ranging from one- to three- bedroom units. All floor plans have a desirable one bed to bath ratio. Completed in 2011, The Forum is the newest and most sought after property in the off-campus market. The property currently maintains a 99% occupancy rate.
Community amenities include a private “door-to-door” shuttle service to campus, free Wi-Fi Cyber Café with coffee bar, tanning booths, controlled and monitored access gates, iMac-equipped computer center, study lounge, fitness center, media room with HDTV, sand volleyball court, full basketball court, resort-style swimming pool, lap pool and spa, car care center, outdoor veranda, picnic and grilling area, high-speed internet access, and valet trash service. The apartments feature full-sized washers and dryers, private bathrooms in bedrooms, wood-style floors throughout, black appliance packages, free cable and high-speed internet, exterior storage, and patios. Vesper plans to invest $250,000 dollars in capital expenditures to improve curb appeal, renovate the clubhouse, and upgrade the amenities.
Vesper purchased The Forum at a discounted price in an off-market transaction. The acquisition is expected to generate double-digit net cash yields per annum.
“Our acquisition of The Forum 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. We are pleased to expand our footprint in the State of Texas and to incorporate this property 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 throughout the United States. Vesper Holdings was recently recognized in the industry’s leading publication, Student Housing Business, as the 8th most active investor in the United States during the past two years. Vesper Holdings is also ranked as one of the top 25 student housing owners in the nation. Vesper’s student housing portfolio consists of ten apartment complexes with a total of approximately 4,700 beds. Vesper Holdings anticipates growing its student housing portfolio to 15,000 beds over the next two years.