Student Housing Daily - August 22 - Vesper acquires Michigan State complex

University of Utah sells off-campus apartments. Landmark opens Minneapolis complex. Purdue opens 984 beds. Q2 2025 student housing report. Four new student housing deals.

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Aid Sopjani & Matt H
August 22, 2025

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NEWS ROUNDUP

ACQUISITION: Vesper acquires Michigan State complex. Vesper Holdings has acquired Gateway Lofts Lansing, a 181-unit luxury student housing property near Michigan State University. Kevin Larimer, senior managing director of Berkadia’s student housing team, represented the seller, while Aaron Moll, managing director and head of student housing mortgage at Berkadia, arranged financing. Isaac Sitt, co-founder and co-CEO of Vesper, said the firm remains committed to acquiring high-quality student housing in pedestrian-to-campus locations and will stay active amid current market dislocations.

DISPOSITION: University of Utah sells off-campus apartments. The University of Utah has approved the $5 million sale of Downtown Commons I and II, two off-campus apartment buildings in Salt Lake City that housed around 60 upper-division students. The buyer was not disclosed.

DEVELOPMENT: Landmark opens Minneapolis complex. Landmark Properties has opened The Standard at Dinkytown, its first Minnesota student housing community serving the University of Minnesota. The project broke ground in 2023 with a $118.4 million construction loan from First Abu Dhabi Bank. BKV Group served as architect, and Landmark Construction was the general contractor.

DEVELOPMENT: Purdue opens 984 beds. Purdue University has opened 3rd & West, a five-story, 325,000-square-foot student housing complex with 984 beds near Hillenbrand Hall. The university is master-leasing the property from American Campus Communities (ACC), which developed the project with Purdue and will manage maintenance, while the university oversees residential life. Michael Cipriano, ACC’s senior vice president of development, said the design prioritized purposeful study and community spaces.

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STUDENT HOUSING FOR SALE

Click each image for more information:

Durham Student Housing Portfolio | Durham, NH 03824

211 Beds | 3 Properties | 100% Occupancy | 100% Preleased For AY ‘25-’26

The 87 | 1924 Victory March Way, South Bend, IN 46637

810 Beds | Class A | 97.04% Preleased For AY ‘25-’26 | 46.42% Preleased For AY ‘26-’27

Purdue Power 2-Pack | West Lafayette, IN

Two Properties | 629 Beds + 1,134 Beds | 100% Occupancy | 80% and 75% Preleased For AY ‘25-’26

The Hamptons Statesboro | 350 Rucker Ln, Statesboro, GA 30458

668 Beds | 100% Bed-to-Bath Parity | $2,238 Leased Rent/Unit | $794 Leased Rent/Bed | 97% Occupancy

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