Vesper Holdings, a New York City–based privately held real estate investment firm, has acquired Sol y Luna, a two-tower, high-rise luxury student housing complex located in Tucson, Ariz., for $203 million.
“The acquisition of Sol y Luna fits with our strategy of purchasing well-located trophy assets near Division 1 universities,” said Isaac J. Sitt, Vesper Holdings co-founder and co-CEO. “We look forward to executing our investment plan, including over $7 million in property improvements, to deliver the outsized returns we have consistently achieved for our investors over many years.”
The seller was Nelson Partners Student Housing.
The Sol y Luna property boasts two high-rise towers, one 13 stories and the other 15, built in 2014 and located immediately adjacent to the University of Arizona. They house 340 units and 972 beds, for a total residential area of 344,760 square feet, plus 7,640 square feet of retail space and 200 garage parking spaces. The u