Vesper Holdings Expands its Student Housing Portfolio in Texas with New Acquisition
Vesper Holdings announces its acquisition of 33 North, a 427-bed student housing community located near the University of North Texas
New York, Oct. 10, 2023 (GLOBE NEWSWIRE) — Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce its latest acquisition – 33 North located pedestrian to the University of North Texas (“UNT”).
Built in 2013, 33 North is a 427-bed, mid-rise apartment community. The property’s unit mix consists of one, two, three, and four-bedroom floorplans – all with bed-to-bath parity. 33 North is 100% occupied for the 2023/24 academic year.
The apartments are furnished and include fully equipped kitchens with stainless steel appliances and granite countertops. Residents of 33 North benefit from a host of top-tier amenities, including garage parking, an infinity pool, fitness studio, study lounge, package lockers, a club room with gaming centers, an outdoor kitchen, and electric charging stations.
Vesper acquired 33 North in an off-market transaction. Vesper’s capital improvement plan will focus on the clubhouse, fitness center, and pool area, as well as substantial technology upgrades throughout the community.
“Our acquisition of 33 North is part of a strategy to purchase well-located student housing properties in strong markets that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-Founder and Co-CEO of Vesper Holdings. “Our recent acquisitions, including 33 North, underscore our ability to execute transactions even in the face of economic uncertainty and elevated interest rates” Sitt added.
Vesper’s student housing portfolio is the sixth largest in the United States. Vesper’s portfolio, including 33 North, is managed by Vesper’s subsidiary property management company – Campus Life & Style (“CLS”). CLS currently manages over 30,000 student housing beds across 39 university markets.
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 the sixth largest student housing owner in the United States. Its real estate portfolio consists of 52 properties, including over 24,000 student housing beds.
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