US: New York City-based Vesper Holdings has acquired Sol y Luna Apartments, a two-tower, 340-unit PBSA asset in Tucson for $203 million.
The deal for the 972-bed property, which is near the University of Arizona, is one of the largest student housing purchases ever in the US history and is the largest PBSA transaction made without institutional capital, according to Vesper Holdings.
Vesper has closed on more than $1 billion in assets in the past 12 months and now has a portfolio with 24,093 beds valued at more than $2 billion. Vesper’s portfolio, including Sol y Luna, is managed by Vesper’s subsidiary, Campus Life & Style, which currently manages more than 29,000 beds across 37 university markets.
Isaac Sitt, Vesper Holdings co-founder and co-CEO, said the acquisition of Sol y Luna fits with the privately held company’s strategy of purchasing well-located, trophy assets near Division 1 universities. Sitt said the company plans to spend more than $7 million on property improvements at Sol y Luna.
Vendor Nelson Partners acquired Sol y Luna from GMH Capital Partners in early 2020 for $195 million.
