Vesper Holdings Recapitalizes 850-Bed Community Near Kennesaw State University

by Katie Sloan

Kennesaw, Ga. — Vesper Holdings has recapitalized West 22, an 850-bed student housing property located near the Kennesaw State University campus in Georgia. Vesper owns the community through a joint venture partnership with an undisclosed investor. West 22 offers a mix of cottage and apartment units in one- through five-bedroom configurations. Shared amenities include a two-story fitness center, outdoor kitchen, basketball court, sand volleyball court, fire-pit and hammock garden. The partnership plans to execute $3 million in capital improvements at the property over the next two years. Enhancements will include the addition of new flooring in units, lighting and cabinet upgrades, the addition of Nest thermostats and smart locks, and renovations to the clubhouse, gym and swimming pool. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented Vesper Holdings in the transaction, in partnership with CBRE Georgia Multifamily’s Kevin Geiger and Shea Campbell. Timothy Bradley and Austin Kinn of TSB Capital Advisors arranged financing on behalf of the joint venture.

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