PAOLI, PA — TSB Realty, LLC successfully completed the sale of ON50, a 156-unit, 444-bed purpose-built student housing property located adjacent to the University of South Florida campus in Tampa, Florida. A joint venture of The Michaels Organization and Verde Capital sold the asset to Vesper Holdings.
“This is a modern, upscale property with significant value-add potential, with a great location in a strong university market,” said Timothy S. Bradley, a principal with TSB Realty and the founder of TSB Capital Advisors. “We were pleased to work with Michaels and Verde throughout the process and find a buyer who recognized this asset as a perfect piece to their growing portfolio.”
Located just .1 miles from the northeast corner of the USF campus, ON50 offers a mix of three- and four-bedroom floorplans. Fully furnished apartments feature fully equipped kitchens, a washer and dryer, and private balcony. Community amenities include an oasis-style swimming pool, computer lab with free printing, study lounge, movie and entertainment center, hammock garden, community kitchenette, gourmet coffee bar, and location on the USF shuttle route.
The Michaels Organization, a national leader in residential real estate, with full-service capabilities in development, property management, finance and construction, entered the student housing market in 2010. Since then, Michaels Student Living has developed both on- and off-campus student living communities and manages more than 23,000 beds for its own portfolio and University partners through fee-manage partnerships.
Verde Capital Verde Capital is a leading real estate private equity and investment management company providing capital to strategic operating partners nationally, across multiple asset classes.
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 ninth largest student housing owner in the United States. Its real estate portfolio consists of 51 properties, including over 23,000 student housing beds.
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 inception in 2014, the Paoli, Pennsylvania-based firm has closed nearly $7 billion in student housing sales for a diverse client base, encompassing more than 50,000 beds from tier 1 markets to tertiary markets.