Vesper Acquires Texas Student Housing Asset
- Mar 11, 2013
Huntsville, Texas—Vesper Holdings has bought The Forum at Sam Houston, a 450-bed luxury student housing asset located in Huntsville near Sam Houston State University. The purchase brings the company’s student housing portfolio to approximately 4,700 beds. The 2011-built asset currently maintains a 99 percent occupancy rate.
“Our acquisition of The Forum is part of a strategy to purchase well-located Class A student properties with superior risk-adjusted returns,” says Isaac Sitt, co-founder and principal of Vesper Holdings. “Since we were able to acquire this asset at a discount, we are in a position to invest necessary capital and offer this market-leading property at competitive rental rates. We are pleased to expand our footprint in the State of Texas and to incorporate this property into our rapidly growing student housing portfolio.”
Amenities at the property include a campus shuttle, Wi-Fi café with coffee bar, tanning booths, a computer center, study lounge, fitness center, media room, sand volleyball court, full basketball court, swimming pool, lap pool, spa and car care center. Vesper also has plans to invest an additional $250,000 in capital expenditures to improve curb appeal, renovate the clubhouse and upgrade the amenities.
Bascom Group completes a Colorado disposition
Federal Heights, Co.—The Bascom Group has completed the sale of Lodge on 84th, a 200-unit asset located in Federal Heights, Co. An unnamed California-based real estate investment firm acquired the asset for an undisclosed amount. ARA represented The Bascom Group in the sale.
“This property is a great example of an asset that has experienced large rent growth because of an ongoing renovation,” says Shane Ozment, principal at ARA. “This proven track record is exactly why the buyer plans on finishing the renovation project and capitalizing on a tightening market.”
Lodge on 84th was built in 1973 and was renovated in 2011. The property is currently 96 percent occupied.
Alliant Capital completes $2.1M loan
Salem, Ore.—Alliant Capital LLC announced the closing of a $2.1 million refinance loan on Mountain View Apartments, a 48-unit garden style multifamily property, built in 1992, located in Salem, Ore. The transaction was originated by Dan Ross, Alliant’s senior vice president for the Pacific Northwest Region.
The loan was closed on Feb. 27, 2013 and structured with a 10-year fixed rate term and a 30-year amortization.