NEW YORK, Nov. 15, 2013 /PRNewswire-iReach/ -- Vesper Holdings ("Vesper"), a privately-held real estate investment firm based in New York City, is pleased to announce its ownership of University Fields in Harrisonburg, Virginia.
University Fields is a 1,152-bed student housing community located just ¼ of a mile from James Madison University's ("JMU") campus in Harrisonburg, Virginia. The property, among the best located in the market, is situated across the street from the University's new $40MM athletic facility. University Fields contains 22 three-story residential buildings spread across a 23.55 acre site. The property consists entirely of four-bedroom units that range in size from 1,100 to 1,200 square feet. Community amenities include a clubhouse, outdoor swimming pool, fitness center, tennis court, basketball court, volleyball court, tanning bed, and a business center with wireless internet. Apartments are fully furnished and feature fully-equipped kitchens, full size washer and dryer, walk-in closets, mini-blinds, high-speed internet access, vaulted ceilings, and balconies and patios with storage.
Vesper is planning to execute a complete renovation of University Fields and intends to invest over $5MM in capital expenditures. Property improvements will include a renovation of the units, clubhouse and amenities, as well as extensive enhancements to the property's exteriors and major technology upgrades throughout the complex.
On October 28th of this year, Vesper Holdings purchased the non-performing note secured by University Fields at a steeply discounted price of $19MM. The borrower had purchased University Fields for over $30MM in 2003 and owed roughly $25MM to the lender at the time of Vesper's note purchase. Leveraging its financial resources and ability to mobilize quickly, Vesper was able to complete the note acquisition in less then four weeks. Today, Vesper foreclosed on the note and secured the ownership of University Fields. The acquisition is expected to generate net double-digit cash yields.
"Our acquisition of University Fields is part of a strategy to purchase well-located properties with superior risk-adjusted returns," commented Isaac Sitt, co-founder and principal of Vesper Holdings. "Since we were able to acquire this asset at a steeply discounted price, we are in a position to invest necessary capital and offer this market-leading property at competitive rental rates. We are pleased to add University Fields to our rapidly growing student housing portfolio. We look forward to further expanding our footprint in the Mid-Atlantic region with additional acquisitions in the near future."
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 was recently recognized in the industry's leading publication, Student Housing Business, as one of the top 10 most active investors in the United States during the past two years. Vesper Holdings is also ranked as one of the top 25 student housing owners in the nation. Vesper's student housing portfolio consists of twelve apartment complexes totaling over 6,000 beds. Vesper Holdings anticipates growing its student housing portfolio to 15,000 beds within the next two years.
Press release courtesy of Submit 123 PR: http://www.submitpressrelease123.com/2013/11/14/universityfields_4639.html
Media Contact: Elliot Tamir, Vesper Holdings, 212-406-4000, firstname.lastname@example.org
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Vesper Holdings