LUBBOCK - Vesper Holdings announced it two latest acquisitions in Texas — Wildwood San Marcos and University Fountains in Lubbock.
University Fountains is a 228-unit, 683-bed student housing community. It is located within a quarter-mile of Texas Tech University at 2202 Mac Davis Lane.
Completed in 2005, University Fountains contains 17 three- and four-story residential buildings.
The 284,000-sf property offers a variety of townhouse and flat style apartments, including one-, three- and four-bedroom floor plans. All of the units have one-bed/one-bath ratio.
University Fountains maintains a 97 percent occupancy rate.
Vesper purchased University Fountains from a large group of Tenant in Common owners.
Vesper is planning to execute a major renovation of University Fountains and will invest nearly $2 million in capital expenditures.
Property improvements will include renovation of the units and clubhouse, as well as extensive enhancements to the property's exterior and community amenities and substantial technology upgrades throughout the complex.