GREENSBORO, NC - Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of Campus Crossing located near the University of North Carolina at Greensboro. With this latest transaction, Vesper's student housing portfolio now totals over 17,000 beds. Inclusive of this acquisition, Vesper has purchased 14 properties totaling approximately $400 million over the last 16 months. Campus Crossing is the fourth student housing community that Vesper has acquired during the last 3 months alone.
Built in 4 phases between 1990 and 2008, Campus Crossing caters to students enrolled at UNC Greensboro. Campus Crossing contains 5 two- and three-story residential buildings. The Property's unit mix consists of two, three, and four-bedroom floor plans. Campus Crossing residents have access to a full range of amenities including a 12,000 square foot clubhouse, swimming pool, hot tub, fitness center with a rock wall, spin and yoga studios, computer lab, game room, movie theater, tanning beds, and volleyball court.
The prior owner completed a $1.6 million renovation of Campus Crossing last year. Vesper intends to invest an additional half-million in capital expenditures toward enhancements to the property's exteriors and substantial technology upgrades throughout the community.
Vesper purchased Campus Crossing at a discounted price in an off-market transaction. 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.
"Our acquisition of Campus Crossing is part of a strategy to purchase well-located 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's student housing portfolio is the 8th largest in the United States. Vesper's portfolio, including Campus Crossing, is managed by Vesper's in-house property management company - Campus Life & Style (CLS).