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Student Housing Daily - April 29 - Vesper acquires 834 beds

Student Housing Daily - April 29 - Vesper acquires 834 beds

JLL sells 756-bed community in Ohio. SFSU completes 700-bed project. Kalamazoo College to build $55 million dorms. Newmark named top broker. Four new student housing deals.

Aid Sopjani & Matt H
April 29, 2025

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NEWS ROUNDUP

ACQUISITION: Vesper acquires 834 beds. Vesper Holdings has acquired Brookside Downtown, an 834-bed student housing property in Columbia, MO, marking its second purchase in the market and ninth student housing deal in the past year. The community is within walking distance of the University of Missouri and features seven mid-rise buildings with ground-floor retail. Developed in phases from 2010 to 2024, the property offers one- to four-bedroom units ranging from 970 to 1,940 square feet. Amenities include a swimming pool, rooftop terrace, fitness center, study center, sundeck, and clubhouse. Newmark’s Ryan Lang represented seller Real Equity Management, while Ben Roelke secured financing for Vesper.

DISPOSITION: JLL sells 756-bed community in Ohio. JLL has arranged the sale of Level 27, a 756-bed student housing community in Oxford, OH. Serving students at Miami University, the 216-unit property offers three- and four-bedroom floor plans along with amenities such as a fitness center, private movie theater, gaming lounge, outdoor sports courts, and a clubhouse with study rooms. Teddy Leatherman, Scott Clifton, Kevin Kazlow, Jack Goldberger, and Grace Picchiotti of JLL represented the seller.

DEVELOPMENT: San Francisco State completes 700-bed affordable housing project. San Francisco State University has opened West Grove Commons, a new on-campus development offering affordable housing for over 700 students. Funded 65% by California’s Higher Education Student Housing Grant program, the $170 million project is the first completed under the state’s initiative to address the student housing crisis. In addition to dorms, the complex includes a health center and dining hall. University President Lynn Mahoney called the project a “historic first step” toward making public higher education more affordable. Students at West Grove Commons pay 25% less than traditional housing rates. Designed by EHDD Architecture, the project was completed in just 25 months. Principal architect Lynne Riesselman emphasized the integration of health services as a key post-pandemic priority.

DEVELOPMENT: Kalamazoo College to build $55 million dorms. Kalamazoo College is set to begin construction in May on two new residence halls, its first new dorms since 1967. The $55 million project—partially funded by a $25 million anonymous donation—will add 218 beds primarily for junior and senior students. The connected four-story buildings will feature a shared common space with a community kitchen, marketplace, and outdoor terrace. Designed to reduce carbon footprint, the project will be powered by nearby solar panels and a geothermal field. President Jorge Gonzalez emphasized the investment’s role in meeting modern student needs, while Malcolm Smith, VP for Student Development, highlighted the project’s visibility and excitement. The new halls, expected to open in fall 2027, will complement existing campus architecture and help address rising off-campus housing costs.

AWARD: ConnectCRE names Newmark the top broker in 2025. The Newmark National Student Housing Group closed $3.7 billion in student housing transactions in 2024. In recognition of its performance and leadership in investment sales, Newmark has been named a 2025 National Top Broker Award winner by Connect CRE.

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