NC Student Housing Asset Changes Hands
- Mar 14, 2018
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.”
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