Murfreesboro, Tenn. — Vesper Holdings, alongside funds managed by affiliates of Fortress Investment Group, has acquired 1540 Place, an 864-bed student housing community located near the Middle Tennessee State University campus in Murfreesboro.
The property consists of 11 three-story buildings offering two- and four-bedroom, fully furnished units. Shared amenities include a clubhouse, fitness center, resort-style swimming pool, business center, two tennis courts, outdoor grills and a dog park.
The property was acquired from an undisclosed seller in an off-market transaction. The new ownership plans to invest approximately $3.5 million on community improvements, which will include the renovation of unit and shared amenity spaces, as well as enhancements to the property’s exterior and technology upgrades.
“Our acquisition of 1540 Place is part of a strategy to purchase well-located student housing properties that offer our investors superior risk-adjusted returns,” says Isaac Sitt, co-founder and co-CEO of Vesper Holdings. “1540 Place marks our second acquisition with Fortress over the past several months. We look forward to expanding our relationship with Fortress as we pursue additional assets in the months to come.”