TAMPA, FL - Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of The Social at South Florida located in Tampa, Florida. 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 $370 million 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 ("USF"). 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 $26 million in an off-market transaction. Vesper is planning to invest over $1 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.
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.
"Our acquisition of The Social 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 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 the USF market and 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 Social, is managed by Vesper's in-house property management company - Campus Life & Style (CLS).