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Vesper Holdings Expands its Student Housing Portfolio into Iowa with Acquisition of The Hive
The deal gives Vesper Holdings its 30th university market and adds to more than $1 billion in student housing transactions over the past 12 months.
On Thursday, Vesper Holdings acquired The Hive, a four-story, purpose-built student housing community comprising 250 units and 500 beds near the University of Iowa campus in Iowa City.
The acquisition marks Vesper's entry into its 30th university market, solidifying the firm's position as the 9th-largest student housing owner in the United States.
CLS Living , Vesper's subsidiary property management company, oversees over 35,000 student housing beds across 35 university markets. Residents at The Hive enjoy a resort-style swimming pool and 24-hour fitness center.
Christopher Epp, Managing Director at Walker & Dunlop, represented the seller, while Will Baker and William Shell of Walker & Dunlop placed the debt on the acquisition.
Co-Founder and Co-CEO of Vesper Holdings Isaac Sitt targets "newly-built, best-in-class" properties at flagship universities, stating the firm expects to remain active in coming months amid pricing dislocations.