NEWARK, DE – Vesper Holdings has purchased The Retreat at Newark for $48 million, planning to invest as additional $1 million in upfront capital improvements. The transaction, brokered by TSB Realty, allows Vesper to expand its student housing portfolio into 13 states across 21 markets.

Built in 2014, The Retreat at Newark apartment community features 597-beds and cottage-style units, catering to students at the nearby University of Delaware. Located on the university's shuttle route, the property bodes a variety of offerings including a basketball court, clubhouse, fitness center, tanning beds, golf simulator, outdoor grilling area, pool, hot tub and computer lounge. Consisting of 1-, 2-, 4- and 5-bedroom layouts, apartment amenities include in-unit laundry, balconies, fully-equipped kitchens, high-speed internet and cable television. Updates to the property will entail amenity renovations, technology upgrades and extensive exterior improvements.