New York City, New York, 04/26/2017 /SubmitPressRelease123/
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 Statesboro (“The Forum”) in Georgia. With this latest transaction, Vesper’s student housing portfolio now totals approximately 16,000 beds. In Georgia alone, Vesper now owns four properties totaling 2,370 beds spread across three different university markets. The Forum is the tenth student housing community that Vesper has acquired over the past 12 months.
The Forum at Statesboro is a 780-bed student housing property located pedestrian to Georgia Southern University. Completed in 2012, The Forum is comprised of 13 three-story residential buildings and a clubhouse. The property features a diverse set of floor plans ranging from one- to four- bedroom units. The forum offers students a full range of amenities including a swimming pool, 24-hour fitness center, game room, indoor basketball court, tennis/volleyball courts, tanning beds, business center, controlled and monitored gate access, and dog park. The apartments feature full-sized washers and dryers, private bathrooms in bedrooms, hardwood-style flooring, and high-speed internet in every bedroom. Vesper plans to invest $1.3 million in capital expenditures to improve curb appeal, to renovate the clubhouse, and to upgrade the amenities.
Developed at a cost of $34 million in 2012, Vesper purchased The Forum at the steeply discounted price of $28.5 million 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 Georgia and to incorporate this property into our rapidly growing student housing portfolio.”
Vesper’s student housing portfolio is among the 10 largest in the United States. Vesper’s portfolio, including The Forum at Statesboro, is managed by Vesper’s in-house student housing management company Campus Life & Style (CLS).
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 ranks as one of the top 10 student housing owners in the nation. Its real estate portfolio consists of 40 properties, including approximately 16,000 student housing beds. Vesper Holdings anticipates growing its student housing portfolio to 25,000 beds over the next two years.