Vesper Obtains UNT Student Housing Project
Vesper Holdings acquired Gateway at Denton, located near the University of North Texas. Yardi Matrix data shows that the company took out a $25.3 million Freddie Mac loan for this acquisition, originated by KeyBank and arranged by AMA Financial. IPA’s Peter Katz represented the seller, MJW Investments, in the transaction.
Built in 2005, Gateway at Denton is a three-story, 696-bed student housing community. The property offers a mix of two-, three-, and four-bedroom unit floor plans, all with bed-to-bath parity.
Residents of Gateway amenities include furnished apartments, 24/7 fitness centers, three pools, a hot tub, a basketball court, study spaces, a computer lab, and a clubhouse.
Vesper is planning to invest over $4 million to renovate the complex.
The property is Vesper’s fourth acquisition in the Denton market. Including this purchase, Vesper has completed five student housing transactions totaling over $250 million over the past nine months.
