Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce its latest student housing acquisition – The Hive, located pedestrian to the University of Iowa. The acquisition marks Vesper’s entry into the Iowa City market and expands the firm’s national student housing footprint into its 30th university market. Including this purchase, Vesper has completed student housing transactions totaling over $1 billion during the past 12 months.
Delivered in 2024, The Hive is a four-story, purpose-built student housing community comprising 250 units and 500 beds situated pedestrian from the University of Iowa campus and the heart of downtown Iowa City.
The Hive offers a desirable mix of one-, two-, and three-bedroom apartment homes, with two-bedroom units representing the majority of the unit mix. Each apartment features stainless-steel appliances, hard-surface countertops, modern white cabinetry, designer lighting, luxury vinyl tile flooring in living areas, and is delivered fully furnished. Residents enjoy an exceptional amenity package including a resort-style swimming pool, 24-hour fitness center, clubhouse, sauna, tanning bed, rooftop deck, study rooms, resident lounges, courtyards, fire pits, outdoor picnic and grilling areas.
“The Hive represents the type of asset we target – a newly-built, best-in-class property in a pedestrian-to-campus location at a flagship public university with strong enrollment momentum,” said Isaac Sitt, Co-Founder and Co-CEO of Vesper Holdings. “We expect to remain extremely active in the coming months as we continue to capitalize on pricing dislocations in this higher interest rate environment.”
Christopher Epp, Managing Director at Walker & Dunlop, represented the seller in the transaction. Vesper’s debt on the acquisition was placed by Will Baker & William Shell at Walker & Dunlop.
Vesper’s student housing portfolio is the 9th-largest in the United States. Vesper’s portfolio, including The Hive, is managed by Vesper’s subsidiary property management company – CLS Living (“CLS”). CLS currently manages over 35,000 student housing beds across 35 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 55 properties, including over 25,000 student housing beds.
Disclaimer
This press release contains forward-looking statements, including statements regarding Vesper Holdings’ expectations for future acquisitions, market conditions, and investment activity. These statements are based on current assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that may influence outcomes include, but are not limited to, changes in economic conditions, interest rate fluctuations, availability of financing, market competition, and other risks inherent in real estate investments. This press release is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or investment products, nor should it be relied upon for investment decisions.
Media & Investor Contact
Douglas Kligman
Vesper Holdings
212-406-4000
Source: Vesper Holdings
