NEW YORK — Vesper Holdings announced today its acquisition of Sol y Luna, a two-tower, high-rise luxury student housing complex located in Tucson, Arizona. The acquisition ranks among the five largest single-asset purchases in student housing history and the largest not involving institutional capital.
Vesper was advised on the transaction by Timothy Bradley from TSB Capital Advisors.
Vesper has closed on more than $1 billion in assets in the past 12 months. With the Sol y Luna acquisition, Vesper’s portfolio totals 24,093 beds with a valuation of over $2 billion.
“The acquisition of Sol y Luna fits with our strategy of purchasing well-located, trophy assets near Division 1 universities,” said Vesper Holdings Co-Founder and Co-CEO Isaac J. Sitt. “We look forward to executing our investment plan, including over $7 million in property improvements, to deliver the outsized returns we have consistently achieved for our investors over many years.”
“Vesper is known for creating boutique communities that incorporate elements of the world’s most upscale hospitality brands,” said Vesper Holdings Co-Founder and Co-CEO Elliott Tamir. “This asset is a perfect companion to the other properties in our portfolio and gives us a presence in a market where we have hoped to be for quite some time. It also positions us ideally for the next big step in our expansion plan.”
Vesper Holdings purchased the property from Nelson Partners Student Housing for $203 million and closed on the sale October 24.
Additional details on the transaction can be found at Yahoo Finance and Multi-Housing News.