Vesper Holdings ("Vesper"), a privately-held real estate investment firm based in New York City, is pleased to announce its latest student housing acquisition – Gateway Lofts Lansing (“Gateway Lofts”) located pedestrian to Michigan State University. Including this purchase, Vesper has completed twenty student housing transactions totaling over $1 billion over the past 15 months.
Gateway Lofts is a luxury student housing community offering one of the most desirable locations in the Lansing market. Delivered in 2022, this five-story property is located less than a half-mile from Michigan State University, providing direct pedestrian access to campus.
Gateway Lofts features a highly desirable unit mix of studio, one-, and two-bedroom apartments. Each apartment features upscale finishes, including wood-style plank flooring, granite countertops with bar seating, stainless steel appliances, walk-in closets, pendant lighting, and in-unit washers and dryers. Residents enjoy a comprehensive suite of amenities including a resident lounge with billiards, a fully equipped fitness center, conference rooms, package lockers, and bike storage on each floor. In addition to residential units, the property’s footprint includes four ground-floor retail spaces.
“Gateway Lofts is the latest example of our commitment to acquiring high-quality student housing assets in pedestrian-to-campus locations within top-tier university markets,” said Isaac Sitt, Co-Founder and Co-CEO of Vesper Holdings. “We expect to remain extremely active in the coming months, as we look to take advantage of pricing dislocations in this higher interest rate environment,” Sitt added.
Kevin Larimer, Senior Managing Director of Berkadia’s Student Housing team, represented the seller in the transaction. Vesper’s financing of the acquisition was arranged by Aaron Moll, Managing Director & Head of Student Housing Mortgage Banking at Berkadia.
Vesper’s student housing portfolio is the 8th-largest in the United States. Vesper’s portfolio, including Gateway Lofts, is managed by Vesper’s subsidiary property management company – CLS Living (“CLS”). CLS currently manages over 33,000 student housing beds across 43 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 53 properties, including over 25,000 student housing beds.
Source: Vesper Holdings
Douglas Kligman
212-406-4000
Source: Prodigy.press
Release ID: 1757088
