Vesper Holdings, Fortress Acquire 564-Bed Student Housing Community in Denton, Texas

by Taylor Williams

DENTON, TEXAS — A joint venture between New York City-based investment firm Vesper Holdings and funds managed by affiliates of Fortress Investment Group LLC has purchased CastleRock at Denton, a 564-bed student housing property located near the University of North Texas. Constructed in 2000, the building features 192 units in a mix of one-, two-, three- and four-bedroom floor plans. Amenities include a fitness center, pool, computer lab, clubhouse, dog park and shuttle service to campus. Vesper plans to invest more than $1 million in renovations, including upgrades of unit interiors and amenity spaces, as well as building exteriors. The seller and sales price were not disclosed.

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