Vesper Holdings Acquires 696-Bed Community Near University of North Texas

Denton, Texas — Vesper Holdings has acquired Gateway at Denton, a 696-bed student housing community located near the University of North Texas campus in Denton. Built in 2005, the three-story property offers fully furnished units in two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a state-of-the-art fitness center, three resort-style swimming pools, a hot tub, basketball court, study spaces, a computer lab and clubhouse. Vesper plans to invest $4 million in capital improvements to the property, which will include unit updates and technological upgrades, as well as the repositioning of the existing clubhouse to include the firm’s signature “Joe Café” and “Orohena Fitness Center” concepts. Peter Katz of Institutional Property Advisors represented the undisclosed seller in the transaction. Greg Wallace of AMA Financial and Steven Hamm with Keybank secured financing for the acquisition through Freddie Mac.