Vesper Acquires Student Housing Community Near University of Delaware for $48M
NEWARK, DEL. — Vesper Holdings has acquired The Retreat at Newark, a 597-bed student housing community located near the University of Delaware campus in Newark, for $48 million. The property offers a mix of one-, two-, four- and five-bedroom units. Shared amenities include a basketball court, clubhouse, fitness center, tanning beds, a golf simulator, outdoor grilling areas, a pool, hot tub and a computer lounge. TSB Realty brokered the sale of the property on behalf of an undisclosed seller. Vesper plans to invest $1 million in capital improvements in order to renovate shared amenity spaces as well as make exterior improvements and substantial technology upgrades throughout the property.