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Vesper Holdings Acquires Campus Crossing to Expand Student Housing Portfolio in North Carolina
Wednesday 14 March 2018

14 March 2018 - New York, US-based real estate investment firm Vesper Holdings has acquired North Carolina, US-based student housing property Campus Crossing expanding Vesper's student housing portfolio to more than 17,000 beds, the company said.
Vesper purchased Campus Crossing at a discounted price in an off-market transaction. Terms of the transaction were not disclosed.
The prior owner of Campus Crossings completed a USD 1.6m renovation last year. Vesper said it intends to invest an additional USD .5m in capital expenditures toward enhancements to the property's exteriors and technology upgrades throughout the community.
Campus Crossing is Vesper's second acquisition in the UNC Greensboro market. Vesper also owns Sherwood Forest, a 790-bed student housing property that it acquired in April 2017.
Vesper said the acquisition of Campus Crossing is part of a strategy to purchase well-located properties that offer our investors superior risk-adjusted returns.
The acquisition expands the company's footprint in North Carolina.
Inclusive of this acquisition, Vesper has purchased 14 properties totaling approximately USD 400m over the last 16 months. Campus Crossing is the fourth student housing community that Vesper has acquired during the last three months alone.
Vesper Holdings' portfolio includes student housing, retail, mixed-use, office buildings and parking structures. Vesper Holdings ranks as the 8th largest student housing owner in the United States.
Its real estate portfolio consists of 46 properties, including over 17,000 student housing beds. Vesper Holdings anticipates growing its student housing portfolio to 25,000 beds over the next two years.
Date Published: 14/03/2018
Target: Campus Crossing
Country: USA
Sector: Construction/Real Estate
Type: LBO
Status: Closed
Buyer: Vesper Holdings
Terms of the deal were not disclosed