TAMPA, FL – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of The Social at South Florida located in Tampa, Florida.  With this latest transaction, Vesper’s student housing portfolio now totals nearly 17,000 beds. Inclusive of this acquisition, Vesper has bought 11 properties totaling over $370 million over the last 14 months.

The Social at South Florida is a 560-bed apartment community that caters to students enrolled at the University of South Florida (“USF”). Completed in 2000, The Social is located less than a mile from campus. The property consists of two- and four-bedroom floor plans – all with bed-to-bath parity.  Apartments feature large fully-equipped kitchens, flat screen televisions, full-sized washers and dryers, along with high-speed internet. The Social offers students a full range of amenities including a swimming pool, fitness center, tanning beds, basketball court, study room, and business center.

Vesper bought The Social at a discounted price of $26 million in an off-market transaction. Vesper is plotting to invest over $1 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as extensive enhancements to the property’s exteriors and substantial technology upgrades throughout the complex.

The Social is Vesper’s second acquisition in the USF market. Vesper also owns The Ivy, a 1002-bed student housing property that it bought in 2014. Vesper has maintained near 100% occupancy at The Ivy since completing renovations in 2015.

“Our acquisition of The Social is part of a strategy to buy well-located properties with superior risk-adjusted returns,” commented Isaac Sitt, co-founder and principal of Vesper Holdings. “Since we were able to buy this asset in off-market transaction at a discount, we are in a position to invest necessary capital and offer the property to students at highly competitive rental rates. We are pleased to expand our footprint in the USF market and incorporate this property into our rapidly growing student housing portfolio.”

Vesper’s student housing portfolio is among the 10 largest in the United States. Vesper’s portfolio, including The Social, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS). 

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NORFOLK, VA – Harbor Group International (HGI) announced that affiliates of the Company have bought a 25-property, 9,677-unit multifamily portfolio spanning five major metropolitan areas from affiliates of Lone Star Funds. The $1.8 billion transaction is the company’s largest to date and increases HGI’s investment portfolio from approximately $5.2 billion to $7.1 billion.

The properties are located in the Washington, D.C. metro area, Philadelphia, Baltimore, Chicago and Boston. HGI plans to invest approximately $80 million to upgrade unit interiors, enhance property amenities and improve curb appeal.

The portfolio is located in supply-constrained in-fill markets, each of which benefits from solid demographics, convenient transportation, access to highways and desirable school districts. Average occupancy for the portfolio is approximately 95% and HGI believes its value-add initiatives and focused management will boost revenue.

Meridian Capital Group provided investment advisory and mortgage brokerage services to HGI, including the placement of approximately $512 million of fixed rate debt with New York Community Bank. In addition, Berkadia Commercial Mortgage provided $930 million of fixed and floating rate debt through Freddie Mac. 

Lone Star was represented by Eastdil Secured.

Harbor Group International is a private real estate investment and management firm, which controls a portfolio of worldwide assets valued at $7.1 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore and Tel Aviv. The company’s real estate holdings include 4.8 million square feet of commercial properties and approximately 30,000 apartment units.

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ATLANTA, GA – Federal Capital Partners (FCP) announced the $45 million acquisition of Stratford Ridge, a 446-unit, one, two, three and four bedroom garden-style apartment community in the Atlanta suburb of Marietta, GA. Stratford Ridge marks FCP’s 5th investment in the Atlanta area. 

“FCP is excited to expand its Atlanta portfolio with this well-maintained community in the thriving Marietta submarket,” said FCP Sr. Associate, Alex Cathcart. “Stratford Ridge has large, family-friendly floor plans and is well-located, close to major thoroughfares, employment centers and the new SunTrust Park, making it a fantastic fit within our growing Atlanta portfolio.”

Amenities at Stratford Ridge include a clubhouse, fitness center, playground and pet park, sundeck and pool, and an after-school care program. Apartments, many of which have been updated, include dishwashers, disposals, gas ranges, hardwood floors, washer and dryer connections and large closets. FCP will invest in capital improvements to the existing site and buildings, amenity enhancements and interior unit renovations.

FCP extends its appreciation to Kevin Geiger of CBRE for representing the seller in the transaction.

Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets.

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