Vesper Holdings ("Vesper"), a privately-held real estate investment firm based in New York City, and funds managed by affiliates of Fortress Investment Group LLC (“Fortress”), a leading global investment manager, are pleased to announce their joint venture acquisition of 1540 Place located in Murfreesboro, Tennessee.
1540 Place is a 240-unit, 864-bed apartment community that caters to students attending Middle Tennessee State University. The property consists of eleven 3-story buildings and has a unit mix comprised of 2- and 4-bedroom floorplans. The property is located roughly 40 minutes outside of downtown Nashville.
The apartments are fully furnished and include classic kitchens with laminate countertops, white appliances, washers and dryers, and ceiling fans. 1540 Place residents enjoy a full range of amenities including a clubhouse, fitness center, a resort style pool, business center, two tennis courts, a dog park, and outdoor grills.
Vesper purchased 1540 Place in an off-market transaction. Vesper is planning to invest approximately $3.5 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 1540 Place is part of a strategy to purchase well-located student housing properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder and Co-CEO of Vesper Holdings. “1540 Place marks our second acquisition with Fortress over the past several months. We look forward to expanding our relationship with Fortress as we pursue additional assets in the months to come.”
Vesper’s student housing portfolio is among the 10 largest in the United States. Vesper’s portfolio, including 1540 Place, is managed by Vesper’s subsidiary property management company - Campus Life & Style (“CLS”). CLS currently manages over 25,000 student housing beds across 32 university markets.
About Vesper Holdings
Founded by Elliot J. Tamir and Isaac J. Sitt, Vesper Holdings is a privately held real estate investment firm based in New York City. Vesper Holdings’ diverse portfolio includes student housing, retail, mixed use, office buildings and parking structures. Vesper Holdings ranks as one of the top 10 largest student housing owners in the United States. Its real estate portfolio consists of 52 properties, including over 21,000 student housing beds.
Source: Vesper Holdings
Media contact: Douglas Kligman - 212-406-4000
Source: Story.KISSPR.com
Release ID: 54430