GREENSBORO, NC - Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of University Village located near the University of North Carolina at Greensboro ("UNCG"). With this latest transaction, Vesper's student housing portfolio now totals over 17,000 beds. Inclusive of this acquisition, Vesper has purchased 15 properties totaling approximately $450 million over the last 18 months. University Village is the fifth student housing community that Vesper has acquired during the last 4 months alone.
University Village is a 600-bed apartment community that caters to students enrolled at the University of North Carolina at Greensboro. Completed in 2006, University Village is the best-located property in the UNCG off-campus market. The property is located across the street from the main entrance of the University and is pedestrian to the core nightlife in Greensboro.
The Property's unit mix consists of two-, three-, and four-bedroom floor plans – all with bed-to-bath parity. The apartments feature large fully-equipped kitchens, washers and dryers, patios/balconies, cable television, and high-speed internet. University Village residents enjoy a full range of amenities including a clubhouse, swimming pool, 24-hour fitness center, business center, computer lab, and tanning beds.
Vesper purchased University Village for $40.0 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.
"Our acquisition of University Village is part of a strategy to purchase pedestrian-to-campus properties that offer our investors superior risk-adjusted returns," commented Isaac Sitt, Co-founder, and Principal of Vesper Holdings. "We are pleased to expand our footprint in North Carolina and incorporate this property into our rapidly growing student housing portfolio."
Vesper Holdings' student housing portfolio is the 8th largest in the United States. Vesper's portfolio, including University Village, is managed by its in-house property management company - Campus Life & Style (CLS).