New York firm purchases The Cottages apartments, will upgrade amenities
A New York-based firm has bought a local apartment complex near campus and plans to upgrade the living facilities, a representative said in a press release.
Vesper Holdings, a privately held real estate investment firm, announced its purchase of The Cottages of Norman on June 7, according to a press release.
Vesper Holdings has acquired more than $150 million in student housing across the United States in the last two years. Currently, the company owns nine apartment complexes
Vesper purchased The Cottages at a discounted price in an off-market transaction.
The Cottages, a 644-bedroom apartment complex, has been home for tenants since 2009, according to a press release.
The floor-plan options range from two to five bedrooms, and the amenities include a pool, work-out room, business center and entertainment room. The property currently maintains a 95 percent capacity rate.
Vesper Holdings plans to invest approximately $500,000 in capital expenditures into the property to improve curb appeal, upgrade amenities and add a private shuttle service to campus, according to the release.
"Our acquisition of The Cottages of Norman is part of a strategy to purchase well-located Class A student properties with superior risk-adjusted returns," Isaac Sitt, co-founder and principal of Vesper Holdings, said in a press release.
"Since we were able to acquire this asset at a discount, we are in a position to invest necessary capital and offer this market-leading property at competitive rental rates."
The Cottages of Norman and Vesper Holdings representatives declined to comment to The Daily.