RealShare Student Housing will take place May 14-15 at the Four Seasons Resort & Spa in Las Colinas. Click here for more information.

HUNTSVILLE, TX-Vesper Holdings continues toward its goal of a $1 billion student housing portfolio with its acquisition of the 528-bed Aberdeen Place. The New York City buyer paid $12.675 million for the class A, five-year-old asset, which equates to a 7.9% cap rate.

According to Vesper co-founder and principal Isaac Sitt, the student housing complex at 1410 Inverness St. had some distress, with seller Blue Vista Capital Partners of Chicago striking a deal with lender Wells Fargo N.A. to sell the asset and pay off the existing debt. Sitt tells that other interested buyers offered a higher price, “but we offered a 30-day close, all-cash purchase.”

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