Vesper Holdings announces its acquisition of Gateway at Denton, a 696-bed student housing community, located near the University of North Texas
Vesper Holdings Student Housing Portfolio in Texas
New York, New York, Sept. 25, 2024 – Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce its latest acquisition – Gateway at Denton located near the University of North Texas (“UNT”). The property is Vesper’s fourth acquisition in the Denton market. Including this purchase, Vesper has completed 5 student housing transactions totaling over $250 million over the past 9 months.
Built in 2005, Gateway at Denton is a three-story, 696-bed purpose-built, student housing community. The property offers a diverse unit mix including two-, three-, and four-bedroom unit floor plans – all with bed-to-bath parity.
Residents of Gateway at Denton enjoy a host of top-tier amenities, including furnished apartments, 24/7 state of-the art fitness centers, three resort style pools, hot tub, basketball court, study spaces, 27/7 computer lab, and clubhouse.
Vesper is planning to invest over $4 million in capital expenditure. Vesper’s renovation plan will focus on the units, repositioning of the clubhouse to include CLS’s signature Joe Café and Orohena fitness center, as well as substantial technology upgrades throughout the community.
“Our acquisition of Gateway at Denton is part of a strategy to purchase institutional quality student housing in strong markets that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-Founder and Co-CEO of Vesper Holdings. “We are pleased to expand our footprint in Texas and incorporate this property into our rapidly growing student housing portfolio” Sitt added.
Peter Katz, IPA executive director, represented the seller in the transaction. Freddie Mac provided financing for the transaction that was placed through Gregg Wallace at AMA Financial and Steven Hamm at Key Bank.
Vesper’s student housing portfolio is the 8th largest in the United States. Vesper’s portfolio, including The Gateway at Denton, is managed by Vesper’s subsidiary property management company – Campus Life & Style (“CLS”). CLS currently manages over 32,000 student housing beds across 43 university markets.
