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

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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. Sean Grube, associate vice president for housing and dining services, said the apartments often sat at 75% occupancy as students preferred to live on campus, where housing is full with a waitlist. Danny Wall, executive real estate director, noted the sale removes aging buildings—built in 1970 and 1980—from the university’s portfolio.

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 17-story, 323-unit property offers 1,021 beds and includes 30 affordable units. 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.

READ: Q2 2025 student housing report.

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STUDENT HOUSING FOR SALE

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

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

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

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

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