PAOLI, PA — TSB Realty, LLC completed the sale of The Retreat at Newark, a 169-unit, 597-bed, luxury student housing project located near the University of Delaware.
Vesper Holdings purchased the property and announced the deal on June 26.
Vesper Holdings (“Vesper”), a privately-held real estate investment firm based in New York City, is pleased to announce the acquisition of The Retreat at Newark located near the University of Delaware. With this latest transaction, Vesper’s student housing portfolio now spans 21 markets in 13 states.
Built in 2014, The Retreat at Newark is a 597-bed apartment community that caters to students enrolled at the University of Delaware. The Property’s unit mix consists of 1, 2, 4, and 5-bedroom floor plans – all with bed-to-bath parity. The Retreat is the only property in the market that contains cottage style units.
The apartments feature large fully-equipped kitchens, washers and dryers, balconies, cable television, and high-speed internet. The Retreat at Newark’s residents enjoy a full range of amenities including a basketball court, clubhouse, fitness center, tanning beds, golf simulator, outdoor grilling, pool, hot tub, computer lounge, and location on the UD shuttle route.
Vesper purchased The Retreat at Newark for $48 million in a transaction brokered by TSB Realty. Vesper is planning to invest $1 million in upfront capital improvements. Property enhancements will include a renovation of the amenities, as well as extensive improvements to the property’s exteriors and substantial technology upgrades throughout the complex.
“Our acquisition of The Retreat at Newark is part of a strategy to purchase well-located properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder and Principal of Vesper Holdings. “We are pleased to expand our portfolio into Delaware and incorporate this property into our rapidly growing student housing portfolio.”
Vesper’s student housing portfolio is the 9th largest in the United States. Vesper’s portfolio, including The Retreat at Newark, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS).
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since its inception in 2014, the Paoli, Pennsylvania-based firm has closed more than $4 billion in student housing sales for a diverse client base, encompassing more than 33,000 beds from tier 1 markets to tertiary markets.
