New York City, New York, 03/14/2016 /SubmitPressRelease123/
Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce its latest acquisition in Iowa – The Foundry in Ames. With this latest transaction, Vesper’s student housing portfolio now totals nineteen apartment complexes and approximately 10,700 beds. This transaction is the fifth student housing acquisition that Vesper has announced over the past 10 months.
Completed in 2015, the Foundry is a boutique apartment community that caters to students enrolled at Iowa State University (“ISU) in Ames. The Foundry has the best location in the market, situated across the street from the main entrance to the ISU campus. The area surrounding The Foundry is referred to as Campustown, which is home to Ames’ prime retail and nightlife scene for students.
The Foundry contains one 6-story building with an underground parking garage. The property’s unit mix consists of two- and four-bedroom floor plans. Apartments feature large fully-equipped kitchens, full-sized washers and dryers, along with high-speed internet connection in every bedroom. Other high-end unit amenities include furniture, 50” flats screen TVs, stainless steel appliances, granite countertops, bed-bath parity in every unit, and spectacular views of the ISU campus. The Foundry offers students a full range of amenities including highly desirable ground-floor retail anchored by Starbucks. Community amenities include secure access to all entry points, underground parking, fitness center, study areas, game room, secure bike storage and a tanning booth. The Foundry achieved 100% occupancy in its first year of opening, even though all of the leasing was conducted off-site during construction.
“Our acquisition of The Foundry is part of a strategy to purchase pedestrian-to-campus trophy student housing properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, co-founder and principal of Vesper Holdings. “We are pleased to expand our footprint in Ames and incorporate this property into our rapidly growing student housing portfolio.”
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. In 2010, Vesper Holdings launched a fund dedicated to assembling a portfolio of high quality multifamily properties located in close proximity to university campuses throughout the United States. Vesper Holdings ranks as one of the top 15 student housing owners in the nation. Vesper’s student housing portfolio consists of nineteen apartment complexes totaling approximately 10,700 beds.
Source: Vesper Holdings
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