Vesper Holdings announces its acquisition of Tower 5040, a 405-bed student housing community located near the University of Houston
Built in 2020, Tower 5040 is a 147-unit, 405-bed apartment community that caters to students attending the University of Houston.
NEW YORK, NY, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Vesper Holdings ("Vesper"), a privately-held real estate investment firm based in New York City, is pleased to announce the acquisition of Tower 5040 located pedestrian to the University of Houston. Vesper is one of the largest student housing owners in the State of Texas with 8 communities spread across 6 university markets. With this latest transaction, Vesper’s student housing portfolio totals over 21,000 beds in the United States.
Built in 2020, Tower 5040 is a 147-unit, 405-bed apartment community that caters to students attending the University of Houston. This midrise property has a unit mix comprised of studios, one-bedroom, two-bedroom, and three-bedroom floorplans – all with bed-to-bath parity. Tower 5040 is the newest student housing property in the market and is located adjacent to campus.
The apartments feature contemporary kitchens with quartz countertops, stainless-steel appliances, washers and dryers, and large balconies. All units come fully furnished. Tower 5040 residents enjoy a full range of amenities including a pool with an oversized hot tub, resort style sundeck, computer lab, TV-lounge, outdoor kitchen and grilling areas, and study rooms.
“Our acquisition of Tower 5040 is part of a strategy to purchase best-in-market student housing properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder and Co-CEO of Vesper Holdings. We are pleased to expand our footprint in Texas 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 Tower 5040, is managed by Vesper’s subsidiary property management company - Campus Life & Style (“CLS”). CLS currently manages over 28,000 student housing beds across 31 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 the 9th largest student housing owner in the United States. Its real estate portfolio consists of 52 properties, including over 21,000 student housing beds.
Media Contact Douglas Kligman