HATTIESBURG, MS – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of Vie at Hattiesburg located near the University of Southern Mississippi (“USM”).  With this latest transaction, Vesper’s student housing portfolio now totals over 17,000 beds.  Vie at Hattiesburg is the eighth student housing community that Vesper has bought over the last 12 months.

Vie at Hattiesburg is a 792-bed apartment community that caters to students enrolled at the University of Southern Mississippi.  Completed in 2006, Vie at Hattiesburg is located just over a mile from campus.  The Property consists of two- and four-bedroom floor plans – all with bed-to-bath parity.  The apartments feature large fully-equipped kitchens, washers and dryers, patios/balconies, cable television, and high-speed internet.  The Vie’s residents delight in a full range of amenities including a clubhouse, swimming pool, 24-hour fitness center, business center, computer lab, poolside lounge with TV, sand volleyball court, and private shuttle.

Vie at Hattiesburg’s prior owner had recently completed a $2M renovation which included upgrades to flooring, appliances, furniture, clubhouse, and the fitness center. Vesper is plotting to invest an additional $600,000 to further upgrade the amenities, enhance the property’s exteriors, and make substantial technology upgrades throughout the complex.

“Our acquisition of Vie at Hattiesburg is part of a strategy to buy well-located properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder and Principal of Vesper Holdings. We are pleased to expand our portfolio into Mississippi and incorporate this property into our rapidly growing student housing portfolio.”

Vesper’s student housing portfolio is the 8th largest in the United States.  Vesper’s portfolio, including Vie at Hattiesburg, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS). 

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IRVINE, CA – The Bascom Group has bought Corona Del Norte, a 29-unit infill apartment community located in the desirable South Bay submarket in Torrance, California. The $6.3 million sale ($217,241/unit) closed on October 12, 2018. Steffan Braunlich with Berkadia Real Estate Advisors brokered the sale.  East West Bank provided Bascom with an acquisition loan to finance the buy.  James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

Del Norte is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Del Norte include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota’s former 110-acre corporate campus, located a few blocks from Del Norte, recently sold to a commercial real estate operator who is plotting a major redevelopment. 

James D’Argenio, Senior Principal with Bascom, comments “We jumped on this opportunity once it hit the market. The seller was the original developer who took fantastic pride in physically maintaining the asset. We are inheriting the property with 40% of the units vacant, so we can efficiently modernize a bulk of the interiors while enhancing the exterior and overall community.”

Lee Nguyen, Senior Vice President of Operations for Bascom, comments “The South Bay region continues to be a strong draw to younger generations of tenants. To appeal to this group, we plot to give a modern update to the unit interiors and property exterior.  Del Norte presents a strong value-add opportunity in a location we are very excited about.”  

Del Norte marks Bascom’s 38th multifamily property closed in Los Angeles County and its 173rd multifamily property closed in California.  Over the past twelve months Bascom has bought $1.3 billion in multifamily properties throughout the United States.

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DENVER, CO – Mission Rock Residential, a Denver-based multifamily property management company, is further expanding its Colorado presence, announcing a new management contract for Keystone Apartments in the North Denver suburb of Northglenn, Colorado. The company has been issued an agreement for the management of the community by Hamilton Zanze Real Estate Investments, a value-add real estate investment firm. 

The community features 208 one- and two-bedroom apartment homes and rests in close proximity to a forthcoming light rail line, adding to its accessibility. Community amenities offered include a clubhouse for residents, a fitness center and indoor multi-sport court, swimming pool, and outdoor BBQ areas. Covered parking is offered for residents as well. 

According to Pat Hutchison, President of Mission Rock Residential, “Keystone Apartments fits perfectly into our Colorado regional team. We are excited to improve the renter experience at this community and look forward to the upcoming improvements to the residences in the years to come.” 

The Denver region is home to a robust tech and aerospace industry, financial sector, and startup community. This growth has led to strong leasing rates across the entire region and a demand for higher quality and accessible residential options. Northglenn, located adjacent to the thriving city of Denver, offers a tremendous lifestyle alternative in the region. This community is also in close proximity to a new 2.4 million square foot Amazon fulfillment center, a major new employer to the Denver market.

In addition to the spacious floor plans and elevated amenity package, Mission Rock Residential offers its communities a satisfaction guarantee, branded as the “Rock Solid Guarantee”. This includes a 24-hour response to maintenance requests, a 30-day go-in satisfaction guarantee, complimentary lock-out help during business hours, and an opportunity to buy a low-cost renter’s insurance plot with guaranteed pre-approval.

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