NC Student Housing Asset Changes Hands

By Adina Marcut

Campus Crossing at 2821 Spring Garden St., Greensboro, N.C.

After purchasing two student housing communities located near the University of West Georgia, Vesper Holdings has acquired Campus Crossing, a 60-unit property near the University of North Carolina in Greensboro, N.C., marking the company’s fourth student housing property acquired in the last three months. Vesper’s in-house property management company, Campus Life & Style will manage the asset.

Located at 2821 Spring Garden St., Campus Crossing was built in four phases between 1990 and 2008. The five two- and three-story buildings offer a mix of two-, three- and four-bedroom units. Property amenities include:

• swimming pool
• hot tub
• fitness center
• computer lab
• game room
• movie theater
• tanning beds
• volleyball court

Additionally, the pet-friendly community includes a 12,000-square-foot clubhouse. Although the previous owner completed a $1.6 million renovation last year, Vesper plans to invest half a million in capital expenditures. The upgrades are set to improve the property’s exteriors and adding substantial technology and upgrades throughout the community.

“Our acquisition of Campus Crossing is part of a strategy to purchase well-located properties that offer our investors superior risk-adjusted returns,” Isaac Sitt, co-founder & principal of Vesper Holdings, said in prepared remarks. “We are pleased to expand our footprint in North Carolina and incorporate this property into our rapidly growing student housing portfolio.”

Image via Google Maps