Campus Crossing Bought by New York Firm

Campus Crossing Apartments, a 297-unit student community near UNC Greensboro, was purchased by Vesper Holdings LLC for $36.5 million and is being rebranded as Sherwood Forest Apartments. Details from an article in the Triad Business Journal:

According to Vesper, it will make a complete renovation/rebranding of Sherwood Forest with $1.8 million in capital expenditures, including renovation of the units and amenities, as well as extensive enhancements to the property’s exteriors and substantial technology upgrades throughout the complex.

Vesper said it ranks as one of the top 10 student housing owners in the country with a portfolio worth more than $1 billion. Vesper subsidiary Campus Life & Style manages its properties…

The signage on the exterior of the buildings has yet to be changed.

Elite Street Buys Three Triad Apartment Communities

Elite Street Capital, a REIT with offices in Houston and Tel Aviv, has purchased three Triad properties:

In Greensboro, Elite Street bought The Ashland for $14.76 million and The Lakes on Meadowood (formerly Shadow Lake) for $8.5 million. Elite Street paid $19.49 million for Ambercrest in Winston-Salem. Elite Street owns another Greensboro complex, The Fields at Lincoln Green, which it purchased in early 2015…

“We like the Triad market due to its stability and the success proven by our experience with Lincoln Green,” said David Whitby, chief investment officer of Elite Street. “We’ll continue to buy aggressively in the Triad going forward.”