Vesper Holdings Seizes Opportunity: Student Housing Gold Rush

Student housing is still in its infancy as an industry. Bisnow talked with Vesper Holdings CEO Isaac Sitt about why student housing still has a lot of growth left, and what investors are looking for now. Join us at Bisnow's sixth annual Student Housing summit on June 14 in Philadelphia to hear him speak, and read on for a preview.

The dynamics of the industry make student housing a good investment, Isaac says. We’re in a gold rush period where the industry is still young and fragmented, ripe for maturation.

Nurturing that growth are international students who are vying for the American college experience. Another factor, Isaac tells us, is that millions of students are not yet living in purpose-built housing. That number is large and over time, it will start to shrink.  

For investors, opportunity lies in affordable student housing. The high-end, adjacent-to-campus developments with a raft of amenities are being built by REITs that can afford the extremely expensive land and the rising cost of construction. But those dwellings are not affordable to the vast number of students.

Vesper Holdings’ focus is on those people. The company’s strategy is to buy buildings about five to 10 years old, a little farther out from campus, modernize them, and rent them. Vesper Holdings has completed six projects in the past 15 months. Four have a rehab element to them. Three are in the throes of renovations. The fourth, The Ivy at the University of South Florida, was bought in October and was just completed. 
The building (pictured) has a unique design, and common areas that feel like hotel lobbies where groups can collaborate, work and socialize in the same place.

Join Isaac and other industry experts at Bisnow's annual student housing summit on June 14 in Philadelphia where you'll network with old friends and new while learning everything there is to know about student housing.