TUCSON, ARIZ. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University of Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper.
Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition.
The property comprises a 15-story tower and a 13-story tower, which were developed in 2014. The community offers 340 units in studio to five-bedroom configurations across 344,760 square feet of rentable space. The property also includes 7,640 square feet of ground-floor retail and a 200-stall parking garage.
Campus Life & Style, Vesper’s in-house management arm, will operate the property following the acquisition.