New York City, New York, United States, 09/15/2015 /SubmitPressRelease123/
Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce its latest acquisition in Texas – University Courtyard in Lubbock. With this latest transaction, Vesper’s student housing portfolio now totals seventeen apartment complexes and approximately 10,000 beds. In Texas alone, Vesper now owns seven properties totaling 3,908 beds spread across four different university markets.
Completed in 2005, University Courtyard is an 864-bed student housing community located in close proximity to Texas Tech University. University Courtyard contains twelve 3-story residential buildings and a clubhouse spread across a 30 acre site. The property’s unit mix consists of two-, three-, and four-bedroom floor plans. All of the units have a desirable one bed to bath ratio. All apartments are fully furnished and feature black appliance packages, and large fully-equipped kitchens. All units have private, full-sized washers and dryers, along with high-speed internet connection in every bedroom. University Courtyard offers students a full range of amenities including two swimming pools, movie theatre, fitness center, business center, game room, basketball court, free tanning salon, and lighted jogging track.
Vesper purchased University Fountains from a large group of Tenant in Common owners at a steeply discounted price. The property was acquired through an off-market transaction. Vesper is planning to execute a complete renovation of University Courtyard and intends to invest $4.5 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as extensive enhancements to the property’s exteriors and substantial technology upgrades throughout the complex.
University Courtyard is Vesper’s second acquisition in the Lubbock market during the past 9 months. In November 2014, Vesper purchased University Fountains, a 683-bed community located one-quarter of a mile from Texas Tech’s campus. University Fountains is 100% occupancy and is already delivering higher than forecasted returns.
“Our acquisition of University Courtyard is part of a strategy to purchase well-located properties with superior risk-adjusted returns,” commented Isaac Sitt, co-founder and principal of Vesper Holdings. “Since we were able to acquire this asset in off-market transaction at a substantial discount, we are in a position to invest necessary capital and offer the property to students at highly competitive rental rates. We are pleased to expand our footprint in Lubbock and 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 ranks as one of the top 15 student housing owners in the nation. Vesper’s student housing portfolio consists of seventeen apartment complexes with a total of approximately 10,000 beds. Vesper Holdings anticipates growing its student housing portfolio to 15,000 beds over the next two years.
Elliot J. Tamir and Isaac J. Sitt
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