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Vesper Expands Florida Student Housing Portfolio with USD 26m Acquisition
Wednesday 06 December 2017

6 December 2017 - US-based real estate investment firm Vesper Holdings has acquired Florida, US-based student housing property The Social at South Florida, the company said.

With this latest transaction, Vesper's student housing portfolio now totals nearly 17,000 beds.

Inclusive of this acquisition, Vesper has purchased 11 properties totaling over USD 370m over the last 14 months.

The Social at South Florida is a 560-bed apartment community that caters to students enrolled at the University of South Florida.

Completed in 2000, The Social is located less than a mile from campus. The property consists of two- and four-bedroom floor plans all with bed-to-bath parity.

Apartments feature large fully-equipped kitchens, flat screen televisions, full-sized washers and dryers, along with high-speed internet. The Social offers students a full range of amenities including a swimming pool, fitness center, tanning beds, basketball court, study room, and business center.

Vesper purchased The Social at a discounted price of USD 26m in an off-market transaction. Vesper is planning to invest over USD 1m 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.

The Social is Vesper's second acquisition in the USF market. Vesper also owns The Ivy, a 1002-bed student housing property that it acquired in 2014. Vesper has maintained near 100% occupancy at The Ivy since completing renovations in 2015.

Vesper's student housing portfolio is among the 10 largest in the United States. Vesper's portfolio, including The Social, is managed by Vesper's in-house property management company - Campus Life and Style.

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 44 properties, including nearly 17,000 student housing beds. Vesper Holdings anticipates growing its student housing portfolio to 25,000 beds over the next two years.
Date Published: 06/12/2017
Target: The Social at,  South Florida
Country: USA
Deal Size: 26m (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Closed
Buyer: Vesper Holdings