KENNESAW, GA — Vesper Holdings announced today it has recapitalized West 22, a 245-unit, 850-bed student housing community located near Kennesaw State University. Vesper owns the community through a joint venture partnership with an undisclosed investor.
Timothy Bradley and Austin Kinn of TSB Capital Advisors arranged financing on behalf of the joint venture.
West 22 represents Vesper Holdings’ ninth recapitalization over the past 18 months. Including this closing, Vesper has completed over $200 million in student housing transactions during the last thirty days. West 22 offers one to five-bedroom floorplans with a variety of unit types including apartment, cottage, and manor style layouts. The property offers residents a stellar amenity package featuring the largest resort-style pool in Kennesaw, 24-hour two-story fitness center, covered outdoor kitchen with built-in grills, basketball court, sand volleyball court, outdoor fire-pit and hammock garden. The fully-furnished units each have upgraded stainless steel appliances, fullsized washer & dryers, granite countertops, 42-inch HD TV’s and full bed-bath parity.
Vesper and its joint venture partner intend to execute a $3 million value-add plan over the next two academic years. The plan will include adding new flooring in units, lighting enhancements throughout, cabinet upgrades, nest thermostats, and smart locks. West 22 will also undergo common area renovations to the clubhouse, gym, and pool.