Vesper, Fortress expands student housing portfolio into Tennessee

Vesper Holdings and funds managed by affiliates of Fortress Investment Group have formed joint venture to acquire 1540 Place located in Murfreesboro, Tenn.

1540 Place is a 240-unit, 864-bed apartment community that caters to students attending Middle Tennessee State University. The property consists of 11 three-story buildings and has a unit mix comprising two- and four-bedroom floorplans. The property is located roughly 40 minutes outside of downtown Nashville.

The apartments are fully furnished and include classic kitchens with laminate countertops, white appliances, washers and dryers, and ceiling fans. 1540 Place residents enjoy a full range of amenities, including a clubhouse, fitness center, a resort-style pool, business center, two tennis courts, a dog park and outdoor grills.

Vesper purchased 1540 Place in an off-market transaction. Vesper is planning to invest approximately $3.5 million in capital expenditures. Property improvements will include a renov