Vesper Holdings ('Vesper'), a privately-held real estate investment firm based in New York City, and funds managed by affiliates of Fortress Investment Group LLC ("Fortress"), a leading global investment manager, are pleased to announce their joint venture acquisition of ON50 Tampa ("ON50").
ON50 is a 156-unit, 444-bed apartment community that caters to students attending the University of South Florida ("USF"). The property's unit mix is comprised of 3- and 4-bedroom floorplans. ON50 is located adjacent to USF's main campus in Tampa.
The apartments are furnished and include fully equipped kitchens, washers and dryers, and balconies. ON50's residents enjoy a full range of amenities including an oasis-style swimming pool, computer lab with free printing, study lounge, movie & entertainment center, hammock garden, community kitchenette, gourmet coffee bar, and location on the USF shuttle route.
"Our acquisition of ON50 is part of a strategy to purchase well-located student housing properties in strong markets that offer our investors superior risk-adjusted returns," commented Isaac Sitt, Co-Founder and Co-CEO of Vesper Holdings. "ON50 marks our fourth acquisition with Fortress over the past 13 months. We look forward to expanding our relationship with Fortress as we pursue additional acquisitions in the months to come."
Vesper's student housing portfolio is among the 10 largest in the United States. Vesper's portfolio, including ON50, is managed by Vesper's subsidiary property management company - Campus Life & Style ("CLS"). CLS currently manages over 26,000 student housing beds across 32 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 51 properties, including over 23,000 student housing beds.
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